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Briefs - January 5, 2009
Russia’s oil production fell by around one percent in 2008, the country’s first annual decline in a decade and possibly a sign of things to come. The decline is expected to continue because of aging reserves and plunging oil prices, which combine with heavy taxation to leave producers with limited cash to invest in maintaining production
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Briefs
(clips from recent Peak Oil News dailies are indicated by date and item #) Japan, the world’s third-largest consumer of oil, said its crude imports fell 12 percent during November as the country’s industrial output plunged the most in almost 55 years. Industrial output in
Briefs December 22, 2008
Delays in energy investments could curb future global fuel supplies by the equivalent of 4 million b/d within the next five years, according to Peter Jackson, Cambridge Energy Research Associates. As scores of small wells are shut down, analysts have calculated that oil production in North America
Briefs - December 12, 2008
Iran faces the prospects of an 8 percent annual decline in production because of a lack of investment and old technology. Sanctions by western nations and a tight credit market because of the global financial crisis have crimped financing for Iranian projects while a 70% decline in crude
Briefs - December 8, 2008
Rental rates for deepwater drilling rigs continue to surge as a worldwide shortage of vessels used to search for oil outweighs the drop in crude prices. Lack of financing is preventing smaller companies from following through with plans to build new vessels. (12/6, #4)
Briefs - December 1, 2008
Amid the year’s ups and downs, 2008 will mark a record for global oil demand, at 87 million barrels a day. While U.S. oil demand is off 5.5% in the past year to its lowest level since 2002, China’s is up 6.5%. (11/28, #9) In July, the IEA estimated that the total number of motor vehicles
Briefs - November 24, 2008
U.S. fuel demand fell 5.2 percent in the first 10 months of this year, the biggest drop since 1981, the American Petroleum Institute said. Deliveries of petroleum products, a measure of consumption, averaged 19.6 million barrels a day in the period, down from 20.7 million barrels a day a year earlier.
Briefs - November 17, 2008
A crude oil pipeline that feeds into the Chevron-operated Escravos export terminal in Nigeria’s Delta state was attacked late Friday. One security source said 100,000 b/d of oil output had been cut because of the attack.(11/16, #7) The weak US economy will reduce America’s
Briefs - November 10, 2008
Jeff Rubin, Chief Economist at CIBC World Markets says that the current recession is caused by high oil prices. Defaulting mortgages are only a symptom of the high oil prices. Higher oil prices caused Japan and the Eurozone to enter into a recession even before the more recent financial problems hit.
Briefs - November 3, 2008
China‘s crude oil imports in September were 10% higher than in Sept. 2007. (10/27, #13) VeraSun Energy, the second- largest US ethanol producer by capacity, sought bankruptcy protection after racking up losses on hedges for corn. There are 178 ethanol distilleries in the US, with the capacity
