Insight and inspiration in turbulent times.
Some traders are handicapping the possibility of the U.S. tapping the Strategic Oil Supply. With one week to go before the election, and with long-term problems now being fully catalogued, the scenario becomes possible. The United State’s supply of oil is in tatters due to underwater mudslides caused by Hurricane Ivan.
Brazil has been one of the countries where oil production has been constantly rising for the past 30 years. They are one of the countries taking up the slack for declines elsewhere. This field by field analysis of the biggest Brazilian deepwater fields, which is where most of the increase is coming from, shows that there is a limit to this growth in the not too distant future.
A boast by Mexico’s Pemex that it may have spotted new deposits big enough to double its oil reserves has put fresh pressure on the state energy monopoly to finalize joint ventures needed to access the potential deposits.
Some say the estimates of the new reserves may be too optimistic. But even if the oil is there, Mexico may have hard time getting at it.
THE United States, keen to develop new sources of oil supply outside the Middle East, has offered to help Nigeria protect the flow of oil in the Gulf of Guinea and combat terrorist attacks on the oil industry, officials said.
Those of you who were driving in the US in 1972-73 will vouch for the rapid changes that occurred across the board due to the decline of US oil output.
Deep water covers 180 billion barrels of the world’s undiscovered oil and natural gas reserves, more than twice the amount yet found, Scottish energy consultants Wood Mackenzie said Wednesday.
Demand for unconventional oil is expected to reach 10.31 million bbl in 2008, up from 8.59 million barrels in 2003 at an average annual growth rate (AAGR) of 3.7%, said Business Communications Co. Inc., Norwalk, Conn.
