H15762
Headlines : InternationalOPEC says pumping more won't bring oil price down
“To increase by 500,000 or one million barrels, do you believe today it will bring back the price?“ Attiyah asked. “I don’t think so,” said the Qatari Energy Minister, Abdullah bin Hamad al-Attiyah, emphasizing his view that the price of oil had become almost wholly decoupled from supplies.
Financial players “lost a lot of money on real estate, shares and bonds, and then they jumped to commodities,” including oil, Attiyah said.
Such a statement is predicted by several prominent oil economists to be indicative of the occurrence of the world ‘export peak’ (a point of maximum exports, which will almost inevitably precede the ‘production peak’).
[Posted By zirkonyx]Republished from International Herald Tribune
Representatives from top oil producing countries Tuesday blamed the steady advance of oil toward $100 a barrel on a combination of financial speculation, geopolitical instability and a shortfall in refining capacity.
The president of OPEC, Mohammed bin Dhaen al-Hamli, who is also the oil minister of the United Arab Emirates, pledged to keep markets amply supplied. But at an oil industry conference in London, he said there was only so much OPEC could do in the current circumstances to keep a lid on prices.
“Increasingly oil markets are being driven by forces beyond OPEC’s control, such as geopolitical events and the growing influence of financial investors,” Hamli said. “We are of course concerned about the high level of oil prices.”
He declined to say if, or when, the price of oil would reach $100, but he noted that OPEC members already had decided last month to increase output by 500,000 barrels a day from Nov. 1.
Posted by zirkonyx
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Posted by Ted on Friday, March 18th 2005
#1. Geopolitical instability.
Here’s something that’ll cause a few conniption fits:
Al Gore Invests in Biofuels
“Spanish renewable energy company Abengoa jumped as much as 7 percent Wednesday after an investment fund headed by former U.S. Vice President and Nobel Peace prize laureate Al Gore bought a stake in the firm.”
Almost as good as:
Jeffrey Marshall Invests in Alberta tar sands
_“In the Alberta Oil Sands, one of the largest oil reserves in the world, high
levels of demand for crude oil and declining extraction costs are driving
significant capital investment. According to the Oil and Gas Journal and the
Canadian Association of Petroleum Producers, the Alberta Oil Sands contain the
second-largest deposits of oil in the world, representing approximately 50% of
Canada’s total crude oil output and approximately 10% of total North American
production.”_
_“One industry source estimates that $85.0 to $90.0 billion of
additional capital could be spent in the Alberta Oil Sands by 2015 to triple the
current output capacity to three million barrels per day. This investment
represents an attractive growth opportunity for work access service providers.”_
Money, it’s a gas. Grab that cash with both hands and make a stash. . .
This makes a lot more sense. Financially and environmentally.
Peace,