Oil Market Over-supplied By Three Million Barrels A Day: Iran
The oil market is over-supplied by three million barrels per day, Iranian Oil Minister Bijan Namdar Zangeneh said here on Tuesday on the eve of an OPEC meeting.
Consumption & Demand
Not enough juice to keep German industry growing
In 20 years, windmills may generate more electricity than nuclear power plants, but Germany may not have access to the energy it needs for its industrialized economy, according to Gerhard Ott, chairman of the World Energy Council’s German committee.
World oil stocks to build unless OPEC cuts
World oil stocks will swell in coming months unless OPEC producers pull back from a production surge that is replenishing inventories, the International Energy Agency said on Thursday.
China to have 140 mln cars by 2020
China expects to have 140 million automobiles plying its roads by 2020, seven times more than now, fueling demand for transportation infrastructure and services, state media reports.
Ten specious fallacies on current world’s high oil prices
The anxiety, tension and panic induced by the oil prices permeate between the markets and the governments, which in turn makes it harder for people to understand the international oil market, and its underlying relationship to geo-politics and geology.
‘Dependence on Mideast, Russian oil to grow’
Despite vaunted crude oil finds in Africa and Latin America, widespread pumping decreases will make global markets more dependent on the Middle East and Russia over the decade, a study released on Wednesday found.
Businesses warn global energy demand could triple by 2050
Economic growth in the developing world combined with rising population trends mean that global energy demand could double or triple by 2050, putting a growing strain on the earth’s climate.
Energy efficiency comes at cost
Energy giant Exxon Mobil Corporation said while energy companies continued to work on reducing greenhouse gas emissions, there were some big challenges in bringing clean energy products onto the market.
Despite higher gas prices, Americans remain undeterred
Even though oil prices have risen 30 percent in the last year, the United States’ gusto for gasoline has not been shaken.
World Needs More Oil Capacity -Watchdog
An extra 3 million barrels per day (bpd) of production capacity worldwide is needed to avoid another year of blistering oil prices, International Energy Agency (IEA) executive director Claude Mandil warned on Sunday.
Australia: Import crisis as our fuel tank runs low
Even with new discoveries, increasing domestic demand means Australia will need to import more and more of its oil over time.
Energy shortage hits Chinese firms
“There are now restrictions forced on us. For two days a week we are not allowed to use any electricity and that means I have to send my workers home,” says Ms Dai.