There Will be No Economic Recovery as the Era of Cheap Oil Comes to an End
By oilguy
Published: March 9, 2010
When oil crossed $120 a barrel for the first time in May 2008, oil cornucopians knew they were in trouble. Prices had quadrupled in just five years, yet had failed to bring new production online. Regular crude had flatlined around 74 million barrels per day (mbpd). The case for peak oil was looking stronger with [...]
Libya: The Energy Player Not to Be Dismissed
By oilguy
Published: March 8, 2010
On September 1, 2009, Libya lavishly celebrated the 40 years in power of its leader Colonel Muammar Gaddafi. Once qualified as the mad dog of the Middle East by President Ronald Reagan, Gaddafi has demonstrated a sheer ability to make of his once pariah country of 6 million people, one of the most assiduously courted both by countries and companies.
U.S. Jobs Data Propels Crude Oil Above $80 a Barrel
By oilguy
Published: March 6, 2010
Jobs data indicating that U.S. economic recovery might be picking up steam finally pushed crude oil futures decisively over the stubborn $80 a barrel threshold. Nymex’s benchmark West Texas Intermediate settled Friday at $81.50 a barrel, a seven-week high, after topping $82 in intraday trading.
Iraqi Elections Likely To Fuel Ethnic Tensions, Further Delay Access To Kirkuk’s Reserves
By oilguy
Published: March 5, 2010
The elections in Iraq on March 7, 2010, are likely to serve as an important indicator of the prospects for a resolution of the long-running dispute over the administration of the ethnically mixed and resource-rich province of Kirkuk in the north of the country.
Gazprom Finally Accepts that Shale Gas Has Changed the World
By oilguy
Published: March 4, 2010
The Russian gas giant this week said it will allow up to 15% of its gas sales to Europe to be sold at spot gas prices on the continent.
This is a big shift for Gazprom. Previously, the major insisted on selling gas to European users under long-term contracts. With gas prices linked to prevailing oil prices.
Yemen’s Push Into the Gas Sector Fails to Stimulate Great Excitement and Raises Disturbing Questions
By oilguy
Published: March 4, 2010
With Yemen’s oil revenues plunging, the government’s push into the gas market seemed like an economic saving grace for a state wracked by poverty and terrorism, but analysts warn more thought should be given to carving out the country’s post-petroleum era.
Is the Shale Gas Revolution Coming to Europe? Should Russia be Concerned
By oilguy
Published: March 3, 2010
European shale-derived natural gas could become a reality far sooner, and in far larger quantities, than markets expect. In a Securities and Exchange disclosure from last Thursday Chevron confirmed that it won new rights to explore Poland for potential shale gas, although the size of the acreage was not divulged.
Renewed Battle for the Falkland Islands Suits the Embattled British, Argentine Leaders, and Others
By oilguy
Published: March 2, 2010
The artificially-engendered revival of the dispute, which began in February 2010 between Argentina and the United Kingdom over the sovereignty of the Falkland Islands in the South Atlantic, has been portrayed as a posturing by embattled Argentine Pres. Cristina Fernández de Kirchner, taking advantage of both the start of exploratory oil and gas drilling by British company Desire Petroleum in the Falklands waters, and the talks by Latin American and Caribbean leaders of the Rio Group in the Mexican resort of Playa del Carmen, beginning on February 22, 2010. But the crisis may well play into the political posturing of equally embattled United Kingdom Prime Minister Gordon Brown, who faces a general election by June 2010 at the latest.
Oil Market Summary for 02/22/2010 to 02/26/2010
By oilguy
Published: February 27, 2010
Crude oil broke through the $80 a barrel ceiling repeatedly during the week but kept falling back as hedge funds placed big bets on the Euro’s decline.
Tide Turns As Kurds Push For Oil Law Amid South’s Sudden Bright Future
By oilguy
Published: February 24, 2010
For a long time, the northern Kurdistan region was seen as the most attractive oil market in the country but the latest bid rounds in December and subsequent contract signings in the south have made it suddenly “less clear that Baghdad actually needs an oil law with Kurdistan, because they’re actually doing pretty well on their own,”
