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Saudi Kingdom sees modest increase in oil supply

Posted on 01 August 2014 by VRS  |  Email |Print

OPEC’s oil production rose in July from June, a Reuters survey found, as a fragile recovery in Libyan supply outweighed fighting in Iraq and reduced output from Angola.Saudi Arabia raised supply modestly, in part because of a greater need for crude in domestic power plants, industry sources said. Some sources said exports had increased.
Despite the increase, unrest in Africa and the Middle East is still weighing on supply. That could hinder OPEC’s ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise………………………………………..Full Article: Source

Water scarcity and rising energy costs threaten mining industry

Posted on 28 July 2014 by VRS  |  Email |Print

Access to water has become one of the most significant business risks for miners, says a report that also highlights the threat to the sector from rising energy costs in some resource-rich areas.
EY, the consultancy, said affordable water and energy should now be viewed as one of the 10 biggest problems for miners. The threat was particularly acute in South America and Africa, it said. These continents are significant in the global supply of many metals, particularly copper………………………………………..Full Article: Source

Iran slips to 8-th spot as OPEC’s oil exporter

Posted on 24 July 2014 by VRS  |  Email |Print

Iran’s crude oil export dropped by 42.2 percent to 1.25 million barrels in 2013. According to the OPEC’s Annual Bulletin, released on July 19, Iran’s crude oil export was 2.537 million barrels per day in 2011, before the West imposed tough sanctions on Iran.
The crude oil in OPEC statistics includes a mixture of hydrocarbons that exist in a liquid phase in natural underground reservoirs and remains liquid at atmospheric, then it consists of crude oil, gas condensate, NGLs, etc. Before sanctions took effect in mid-2012, Iran was both the second major oil exporter and producer of OPEC………………………………………..Full Article: Source

Investing in Water

Posted on 22 July 2014 by VRS  |  Email |Print

Water scarcity is making headlines, particularly as a drought savages California, and heightened tensions about water supply and use won’t evaporate any time soon. Whether it is concern about climate change, global population growth or the need to revamp aging water infrastructure, investment advisers say the water sector offers long-term buying opportunities. However, they add, carefully review the type of investment since offerings are as vast as the ocean.
It has become easier to add water investments to a portfolio. Some water utilities are publically traded, as are a few agricultural producers, and a handful of exchange-traded funds have bubbled up to make it simpler to get broad sector exposure. Farmland remains another way to get water ownership………………………………………..Full Article: Source

Commodities: Water should be traded on financial markets to avoid global crisis

Posted on 21 July 2014 by VRS  |  Email |Print

Markets can play an important role in providing future water security. Britain, as the rest of the world, is facing a water crisis, leading some experts to predict that by the end of the decade H2O will be traded on financial markets like other finite commodities such as crude oil, or iron ore.
Although the Environment Agency says the past six months have been the wettest on record, summer hosepipe bans remain a possibility, partly because of historic inconsistencies in infrastructure investment. However, changing weather patterns and rising demand for water resources spell a potentially more nightmarish scenario within the next 20 years………………………………………..Full Article: Source

How to Invest in the World’s Most Precious Commodity: Water

Posted on 18 July 2014 by VRS  |  Email |Print

When asked what the world’s most precious commodity is, most people would rattle off guesses from a list of the usual suspects — things like gold, platinum, oil or diamonds. However, there is a commodity more precious than any of those, one that has the potential to rise in value dramatically over the next decade, and one that you can easily invest in.
If you want to know what it is, just watch any episode of a survival reality show. Whether it’s “Man vs. Wild,” “Survivorman” or even “Naked and Afraid,” the first thing the TV survivalists do after assessing their situation is to look for this precious commodity — clean, drinkable water………………………………………..Full Article: Source

World’s Largest Silver Producing Countries: Peru

Posted on 17 July 2014 by VRS  |  Email |Print

Peru was once a world leader of silver mine supply but has now fallen to third globally. While the country does boast some large primary silver producing mines, Antamina, the country’s largest silver producing mine is primarily a copper mine, with silver constituting as by-product.
Chungar, also one of the largest silver producing mines in Peru, is primarily a zinc producing mine. Peru’s production peaked in 2009 at 126 million ounces of silver followed by three consecutive years of decline. The country bounced back in 2013 and is expected to produce nearly 120 million ounces of silver in 2014………………………………………..Full Article: Source

U.S. World’s Largest Producer of Oil & Gas

Posted on 16 July 2014 by VRS  |  Email |Print

Recent reports have confirmed that the US is now the world’s largest producer of crude oil with output exceeding 11 million barrels per day in the 1Q of this year. This surpasses the daily oil production of Russia and Saudi Arabia.
This is the first time in over 40 years that the US has once again become the largest producer of oil in the world – and this is despite the Obama administration’s continued ban on new drilling for oil in our coastal waterways………………………………………..Full Article: Source

BP’s Latest Estimate Says World’s Oil Will Last 53.3 Years

Posted on 14 July 2014 by VRS  |  Email |Print

According to BP, drivers whose vehicles rely on burning oil have a little more than a half-century to find alternate sources of energy. Or walk. BP’s annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction. This figure is 1.1 percent higher than that of the previous year. In fact, during the past 10 years proven reserves have risen by 27 percent, or more than 350 billion barrels.
The increased amount of oil in the report include 900 million barrels detected in Russia and 800 million barrels in Venezuela. OPEC nations continue to lead the world by having a large majority of the planet’s reserves, or 71.9 percent………………………………………..Full Article: Source

Fossil industry is the subprime danger of this cycle

Posted on 10 July 2014 by VRS  |  Email |Print

The cumulative blitz on energy exploration and production over the past six years has been $5.4 trillion, yet little has come of it. The epicentre of irrational behaviour across global markets has moved to the fossil fuel complex of oil, gas and coal. This is where investors have been throwing the most good money after bad.
They are likely to be left holding a clutch of worthless projects as renewable technology sweeps in below radar, and the Washington-Beijing axis embraces a greener agenda………………………………………..Full Article: Source

Is it time to drain the Strategic Petroleum Reserve?

Posted on 09 July 2014 by VRS  |  Email |Print

Bloomberg reported Monday that U.S. crude oil production hit 11 million barrels a day during the first quarter of this year, beating both Saudi Arabia and Russia. In fact, it looks like America is going to remain the world’s top oil producer for the rest of 2014. The federal International Energy Agency has already predicted that America will replace the Saudis as the world’s biggest oil producing country by 2020.
This begs a question. Why does this nation still have a Strategic Petroleum Reserve? Maybe it’s time for this relic of Carter-era energy policy to get the heave-ho in the face of the realities of America’s new era of energy — and oil — abundance……………………………………Full Article: Source

Goldman Sees China’s Iron Ore Production Falling 10%

Posted on 08 July 2014 by VRS  |  Email |Print

Cuts to China’s iron ore production will be less than forecasts, with increased output at some lower cost inland mines offsetting closures at smaller coastal mines, according to Goldman Sachs Group Inc. (GS)
Output may decline 10 percent over the two years to 2015, trimming production by 40 million tons, Goldman Sachs Australia Pty’s Global Investment Research Executive Director Christian Lelong said in an interview in Sydney on July 4. That compares with a JP Morgan Chase & Co. forecast that predicts China will need to cut about 64 million tons in 2014 and a further 85 million tons by 2017 to keep the market balanced……………………………………..Full Article: Source

Texas Set To Overtake Iraq In Oil Production

Posted on 04 July 2014 by VRS  |  Email |Print

America’s increasing reliance on hydraulic fracturing to recover energy trapped in shale will soon lead Texas to generate more oil than Iraq, OPEC’s No. 2 producer.
Texas produced just over 3 million barrels a day in April for the first time in nearly four decades, according to a new report by the U.S. Energy Information Administration (EIA). That accounted for 36 percent of the United States’ total production for the month — 8.4 billion barrels per day………………………………………..Full Article: Source

Water – Hot commodity of the future?

Posted on 03 July 2014 by VRS  |  Email |Print

Why trading water futures could be in our future? In the next quarter century, demand for water will boom as the world population swells. This liquid gold is expected to be traded like oil. Already commodity experts are brainstorming on how to create a marketplace for water futures.
Water is the one natural resource required to sustain all life on the planet, making it already the most important commodity on Earth. Although it has been fought over, sold, diverted, dammed, claimed by governments and overseen by authorities, Wall Street has never really gotten its hands in it the way it has with, say, oil………………………………………..Full Article: Source

Texas oil production set to top No. 2 OPEC country

Posted on 03 July 2014 by VRS  |  Email |Print

Texas now is pumping 36 percent of the nation’s oil, more than doubling its production in three years, according to new federal data. The Energy Information Administration reports that Texas oil production topped 3 million barrels per day in April, for the first time since the late 1970s.
Nearly as much crude flowed from Texas as from Iraq, which was the second largest OPEC producer in April at 3.2 million barrels per day, according to estimates from Bloomberg. The news agency estimates that Iraq’s production fell to 2.9 million barrels in June amid insurgent violence, which would drop it below Texas oil if the state’s supply continued to rise as it did every month since 2011………………………………………..Full Article: Source

Raw-Material Resurgence Following Record Exit From Funds

Posted on 02 July 2014 by VRS  |  Email |Print

Investors are being lured back to commodities after war and drought helped make raw materials the surprise best-performing major asset class in the first half.
About $5.9 billion was added to raw materials investments this year, compared with a record $50 billion withdrawn in 2013, Citigroup Inc. estimates. Assets under management of about $360 billion at the end of last year rose to $365 billion through May and probably increased again in June, the bank said……………………………………….Full Article: Source

World saved $3.5 trillion from emergency oil stocks: IEA

Posted on 26 June 2014 by VRS  |  Email |Print

The world has saved $3.5 trillion over the last 30 years by maintaining emergency oil stocks to offset supply shocks and curb price surges, the West’s energy watchdog said on Wednesday. The International Energy Agency (IEA) said in a report that emergency oil stocks held by member and non-member states have acted as an ” insurance” against oil supply disruptions.
Spiralling violence in key oil producer Iraq in recent weeks has pushed global oil prices to nine-month highs, reviving speculation of a release of strategic stocks in case of severe supply disruptions………………………………………..Full Article: Source

Oil price hike about fear, not Iraq output: OPEC chief

Posted on 25 June 2014 by VRS  |  Email |Print

The head of OPEC, the group of major oil exporters, says recent crude price increases are to blame on market fears caused by the crisis in Iraq but not on a drop in output. OPEC Secretary General Abdullah Al-Badry said Tuesday that Iraq is “still producing as normal,” with 95 per cent of its capacity in the country’s south being unaffected by the violence.
The price for a barrel of Brent crude, the key international benchmark, has risen from a stable level of $110 held over the past four years to about $115 following the takeover of some parts of Iraq by Sunni insurgents………………………………………..Full Article: Source

OPEC secretary general says no shortage of oil

Posted on 25 June 2014 by VRS  |  Email |Print

OPEC is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday.
For now the market is well-supplied and prices above $114 a barrel are the result of market nervousness, OPEC Secretary General Abdullah al-Badri said. An official from Saudi Arabia, the only OPEC member with significant spare capacity, said it was committed to supplying the market if needed………………………………………..Full Article: Source

World’s Largest Gold Producing Countries: Russia

Posted on 19 June 2014 by VRS  |  Email |Print

Not quite as secretive and mysterious as Chinese mine production, but certainly not as forthcoming as other countries, Russia’s vast lands hold some large mines and deposits ranking it as the third largest gold producer.
The Olimpiada mine has been producing gold since 1996 and is still a staple of Polyus Gold International’s country-leading gold production portfolio…………………………………..Full Article: Source

World’s Largest Gold Producing Countries: China

Posted on 17 June 2014 by VRS  |  Email |Print

While the Chinese dominate gold production among countries, it still maintains a level of mystery as to where all these ounces come from. Much of the mining industry in China is highly privatized and you’d be hard pressed to find traditional production figures that are generally more available around the rest of the world.
Gold production coming out of China over the last decade has more than doubled as the country produced 6,827,000 ounces of gold in 2004. In 2014, gold production estimates are expected to be around 14.5 million ounces………………………………………..Full Article: Source

China has world’s second largest gold resource

Posted on 12 June 2014 by VRS  |  Email |Print

While China has now been the world’s largest producer of gold for the past seven years, there have always been questions asked as to whether the current level of gold output (430 tonnes in 2013) is sustainable. Now figures out of The Bureau of Raw Material from the Ministry of Industry and Information Technology suggest that there certainly are sufficient gold resources available to retain this position for the foreseeable future.
According to a report on Asia First Chan Yanhua, Director of the Bureau has said that reserves found through geological prospecting had been increasing faster than the country’s mining rate – and had seen a substantial rise over the past three years. The Bureau put China’s gold resources as being 8,200 tonnes (263.6 million ounces), which it says is only exceeded by known South African resources of 31,000 tonnes (close to 1 billion ounces)………………………………………..Full Article: Source

OPEC nations see no reason to alter oil output ceiling

Posted on 11 June 2014 by VRS  |  Email |Print

OPEC, the oil producing cartel, will likely stick by its output ceiling at a meeting here, member nations indicated Tuesday as they expressed satisfaction with current high crude prices. The Organization of Petroleum Exporting Countries, which pumps out about one third of the world’s oil, has stood by a daily production ceiling of 30 million barrels for almost three years.
OPEC kingpin Saudi Arabia, the cartel’s biggest and most influential producer, declared Tuesday that he expected no change to oil output levels………………………………………..Full Article: Source

Iran fourth biggest OPEC oil exporter

Posted on 09 June 2014 by VRS  |  Email |Print

An official with the National Iranian Oil Company (NIOC) says Iran ranked fourth among OPEC members due the decrease in oil exports as a result of Western sanctions.
Seyyed Mohsen Qamsari also hoped that Iran’s oil exports will increase in the next month to improve its ranking among members of the Organization of Petroleum Exporting Countries, Iran Daily wrote in its Saturday issue. “Taking the second place in OPEC is quite tough given the increase in Iraq’s (oil) output,” he said. He added Iran’s oil exports are about one million barrels per day………………………………………..Full Article: Source

Here Are The World’s Five Most Important Oil Fields

Posted on 06 June 2014 by VRS  |  Email |Print

Much has been made about the role that hydraulic fracturing – or fracking — has played in revolutionizing the energy landscape, unlocking vast new reserves of oil trapped in shale rock. This “tight oil” is pouring into the global pool of oil supplies at a crucial time, preventing oil prices from spiking in an age of high demand and geopolitical turmoil.
But the world still relies overwhelmingly on conventional oil production from existing fields, many of which are in decline. The Middle East has dominated the world of oil for half a century and as the list below shows, it remains king. Here are the top five most important oil fields in the world………………………………………..Full Article: Source

OPEC Crude Output Advances from 3-Year Low

Posted on 02 June 2014 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries (OPEC) crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed. Output from the 12-member OPEC countries rose by 75,000 barrels a day to an average 29.988 million, according to the survey of oil companies, producers and analysts.
Last month’s total was revised 50,000 barrels a day higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates. Members increased production as the International Energy Agency projected further increases will be needed to meet demand during the second half of the year…………………………………….Full Article: Source

Why China is stockpiling huge amounts of oil at a record pace

Posted on 22 May 2014 by VRS  |  Email |Print

China is stockpiling oil for its strategic petroleum reserve at a record pace, intervening on a scale large enough to send a powerful pulse through the world crude market.
The move comes as tensions mount in the South China Sea and the West prepares possible oil sanctions against Russia over the crisis in eastern Ukraine. Analysts believe China is quietly building up buffers against a possible spike in oil prices or disruptions in supply………………………………………Full Article: Source

No reason for Opec to raise oil output, Saudi minister says

Posted on 13 May 2014 by VRS  |  Email |Print

The oil market is stable and supply shortages can be covered, so the Opec has no reason to change its production levels, according to Saudi Arabia’s oil minister.
Opec’s current output of about 30 million barrels a day is the right level and global oil demand is “great,” Ali Al Naimi told reporters in Seoul. Saudi Arabia, the biggest producer in the 12-member group, is pumping about 9.6m barrels a day and has 12.5m of capacity, he said………………………………………..Full Article: Source

Saudi Oil Minister Al-Naimi Sees No Reason to Change OPEC Output

Posted on 12 May 2014 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries won’t change its crude oil output level when it meets next month, Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Al-Naimi said Monday.
“Supply is highly sufficient. Demand is great. And the market is fairly stable. There’s no reason for a change. absolutely no reason,” Mr. Al-Naimi said. Asked if OPEC’s output cap of 30 million barrels a day is right, the oil minister said: “I think so. I know so.” He also said the current global oil price of $100 a barrel is the fair price “for everybody, consumer, producer and oil companies.”……………………………………….Full Article: Source

World top 10 gold producers - countries and companies

Posted on 08 May 2014 by VRS  |  Email |Print

The new Gold and Silver Mining focus report from Metals Focus notes that the Russian Federation surpassed the U.S. as the world’s No. 3 gold producer in 2013, while South Africa regained the No.5 slot from Peru as it increased output marginally by 1% over strike hit 2012, while Peru’s output fell back by 3%. The No.1 and No.2 slots were retained by China and Australia respectively.
World gold production grew by around 5% compared with 2012 and Metals Focus anticipates a smaller further rise in global gold output in the current year, although the effects of the lower gold prices of the past two years may start to kick in in 2015 and we could start to see a period of secular decline in new mined gold output from 2015: Even if the gold price recovers as it will take time to re-implement deferred mining projects, or re-open shuttered operations………………………………………..Full Article: Source

Global gas market growth slowed in 2013

Posted on 07 May 2014 by VRS  |  Email |Print

Global natural gas consumption rose by just 1.3% in 2013, down from an average of 2.8%/year in the previous decade, according to a recent report from Cedigaz, the international natural gas association based near Paris. Production growth also slowed, to 0.8%, with the association ascribing the change to supply constraints in a tense geopolitical environment.
Increased pipeline trade led international natural gas trade 2.1% higher year-on-year, overcoming a stagnant, supply-restricted LNG market, Cedigaz said. Interregional pipeline gas exports were strongest from the CIS to Europe (+15%) and China (+36%). Global trade totaled 1,048 billion cu m (bcm)………………………………………..Full Article: Source

How long can Russia’s oil and gas wealth last?

Posted on 06 May 2014 by VRS  |  Email |Print

Russia is in the midst of its longest streak of declines in oil and gas production in years, its economy is in shambles and its leverage on the international stage is in question. Its energy-dominated economy may not sustain Russia’s ambitions in Eastern Europe for much longer.
The Russian economy may not be able to finance the Kremlin’s ambitions in Eastern Europe for much longer because the country’s oil and gas output is no longer a strong support of growth. Russian Energy Minister Alexander Novak said on May 2 that gas supplies through Ukraine might be severed unless Kiev pays in advance for its June deliveries………………………………………..Full Article: Source

Opec output up in April

Posted on 02 May 2014 by VRS  |  Email |Print

Opec’s oil output has risen in April from March’s three-month low, a survey found, although African outages and sabotage in Iraq are keeping supply far below the group’s target. Supply from the Organisation of the Petroleum Exporting Countries has averaged 29.68 million barrels per day (bpd), up from a revised 29.52 million bpd in March, according to the survey based on shipping data and information from sources at oil companies, Opec and consultants.
The impact on Opec output from unrest and unplanned cutbacks in Iraq and Libya is helping to prop up benchmark Brent crude , which is trading at more than $108 a barrel despite the US shale boom and other non-Opec supply growth………………………………………..Full Article: Source

El Niño could impact wide range of commodities

Posted on 28 April 2014 by VRS  |  Email |Print

Global farmers, fishermen, meteorologists and commodities traders are closely watching water temperatures in the South Pacific, waiting to see if the water will warm up this summer, a telltale sign of the El Niño phenomenon. According to the U.S. Climate Prediction Center, there is a roughly 65 percent chance that the climate pattern will develop, which could bring extreme weather conditions around the world. The last major El Niño event was in 1998.
Typically, El Niño brings drought to Australia, Asia and West Africa, which can wreak havoc on their commodity production, hurting those regions’ output of a wide range of commodities, including wheat, rice, coffee and cocoa………………………………………..Full Article: Source

EU should halve meat, dairy consumption to cut nitrogen-report

Posted on 25 April 2014 by VRS  |  Email |Print

People in the European Union, who according to a United Nations body eat way more protein than necessary, could prompt big cuts in nitrogen pollution if they halved their meat and dairy consumption, a U.N.-backed report said.
Nitrogen is used in fertiliser to replace nutrients which are removed by soils during plant growth but excess nitrogen can harm the environment by polluting water, air and soil………………………………………..Full Article: Source

Shale boom sends U.S. crude supply to highest since 1930s

Posted on 24 April 2014 by VRS  |  Email |Print

The U.S. is stockpiling the most crude since the Great Depression, thanks to the shale boom that has boosted production to the most in 26 years. Inventories rose 3.52 million barrels last week to 397.7 million, the highest level since 1931, according to Energy Information Administration data going back to 1920.
Crude output climbed 59,000 barrels a day to 8.36 million, the most since January 1988, as the combination of horizontal drilling and hydraulic fracturing, or fracking, unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas………………………………………..Full Article: Source

Aluminium production reaches new high

Posted on 24 April 2014 by VRS  |  Email |Print

Global aluminium production reached a new high in March despite cuts to capacity by the biggest manufacturers. Companies such as Alcoa, Rusal and Rio Tinto have been shutting smelters over the past two years in an effort to tackle oversupply, as depressed prices continue to weigh on the industry. But surging output in China has more than offset these cuts.
Production of the lightweight metal rose to 4.329m tonnes last month, a 5 per cent year-on-year increase, according to the International Aluminium Institute. The previous monthly high, of 4.255m tonnes, was achieved in October………………………………………..Full Article: Source

Carbon Briefing: How energy demand could drink up global water resources

Posted on 24 April 2014 by VRS  |  Email |Print

Increasing energy demand is set to put pressure on the world’s water resources over the coming decades, according to a number of new expert studies. Even if the world shifts away from fossil fuels and toward cleaner power supplies, growing demand could help put water supplies under severe strain by the middle of the century.
From cooling down power plants and extracting, transporting and processing fuels to growing crops used as biofuels, energy production relies on water. Altogether, the sector accounts for 15 per cent of water withdrawals around the world, according to the International Energy Agency (IEA). Only agriculture is more water-hungry………………………………………..Full Article: Source

Iran only OPEC member expert in deep-water exploration

Posted on 23 April 2014 by VRS  |  Email |Print

Iran is the only member of the Organization of Petroleum Exporting Countries (OPEC) that has expertise in deep-water oil and gas exploration, an Iranian oil official said. Director of the Khazar Exploration and Production Company Ali Osouli said exploring the reserves in the deep Caspian basin requires technological expertise only a few countries possess, Iran Focus reported.
“At present, Iran is at the top of Caspian Sea littoral states to that effect,” he said Sunday. Iran is among the world leaders in terms of oil reserves. More than half of its oil is found inland………………………………………..Full Article: Source

Texas expected to outproduce all but one of the OPEC nations this year

Posted on 23 April 2014 by VRS  |  Email |Print

Benefiting from the booming Eagle Ford Shale and Permian Basin, Texas likely will best the oil output of every OPEC country but Saudi Arabia by year-end, says a top exploration official at ConocoPhillips, a key acreage holder in both of those oil-and-gas formations.
The Lone Star State is expected to end 2014 with 3.4 million barrels per day in oil output, which exceeds that of 11 of the dozen OPEC nations, ConocoPhillips Unconventional Reservoirs Technical Manager Greg Leveille said during a keynote speech at the 3rd Annual Eagle Ford Consortium Annual Conference in San Antonio………………………………………..Full Article: Source

U.S. crude reserves hit highest levels in nearly 40 years

Posted on 14 April 2014 by VRS  |  Email |Print

New data from the Energy Information Administration shows that crude reserves in the U.S. hit their highest levels since 1976. The EIA released a report on April 10, entitled “U.S. Crude Oil and Natural Gas Proved Reserves (2012),” which indicated that 2012 marked the fourth year in a row that proven oil reserves increased.
Not only that, but 2012 marked the largest increase in oil reserves for a single year – 4.5 billion barrels – since 1970. That is a remarkable feat since 1970 was the year that vast reserves, around 10 billion barrels, were booked in Alaska………………………………………..Full Article: Source

OPEC oil production fell by 500,000 b/d in March

Posted on 14 April 2014 by VRS  |  Email |Print

The commodities complex was relatively well supported on Thursday despite the wave of risk aversion that swept across other asset classes. Thus, for example, three-month copper futures actually finished the day higher by 0.6% to $6,636/metric tonne mark on the LME despite remarks from China’s Premier that the country will not embark on any significant stimulus to ward off a short-term economic slowdown.
Crude futures also took news of falling oil output from the Organisation of Petroleum Exporting Countries (OPEC) in their stride………………………………………..Full Article: Source

South Africa February platinum output plunges most in two years

Posted on 11 April 2014 by VRS  |  Email |Print

South Africa’s platinum group metals output dropped the most in two years in February after a strike at the world’s three biggest producers crippled output.
Production of PGM metals fell 36 percent in the month, Juan-Pierre Terblanche, a spokesman for Pretoria-based Statistics South Africa, said by phone today. That was the biggest decrease since February 2012, when workers walked out at Impala Platinum Holdings Ltd. for six weeks. The decline caused total mining output to drop 4.8 percent from a year ago………………………………………..Full Article: Source

Climate change: In the balance

Posted on 08 April 2014 by VRS  |  Email |Print

In science, more information is supposed to lead to better conclusions and greater consensus. The Intergovernmental Panel on Climate Change (IPCC), which published its latest report on March 31st, certainly has more information. The new study synthesises 73,000 published works (a quarter of them in Chinese). This represents a 100-fold increase in about 30 years.
But consensus remains elusive. Richard Tol of Sussex University, in Britain, disparagingly appraised the report’s conclusions as “the four horsemen of the apocalypse”. The final version appears to have been fought over paragraph and comma between those (such as Dr Tol) who want to describe dispassionately what they think is happening and those who want to scare the world into taking action………………………………………..Full Article: Source

U.S. oil now 10pct of world total

Posted on 28 March 2014 by VRS  |  Email |Print

The United States now produces 10.4% of the world’s crude oil, or 7.84 million barrels of crude oil a day. Of that total, 3.22 million barrels (43%) come from tight plays, including the shale oil fields of North Dakota and Texas. The rest comes from conventional production.
For those of you who are wondering why the U.S. Energy Information Administration (EIA) is claiming that 7.84 million is 10% of global production we’ll explain. According to the EIA and the International Energy Agency (IEA) and OPEC, total global production in 2014 will average right around 90 million barrels a day, meaning that 10% would equal 9 million barrels………………………………Full Article: Source

Resource revenue growth nears end

Posted on 27 March 2014 by VRS  |  Email |Print

The Australian government’s commodities forecaster expects resources export revenue to grow more than 60 per cent to $284.42 billion in the next five years as boomtime LNG and iron ore expansions supply what is expected to be sustained global growth.
But in real terms, which strips out inflation, the Bureau of Resources and Energy Economics has declared an end to a long stretch of resources revenue growth in four years…………………………………Full Article: Source

Spain’s oil deposits and fracking sites trigger energy gold rush

Posted on 27 March 2014 by VRS  |  Email |Print

Spain is already the world’s largest olive oil producer but now it’s looking to a very different kind of oil to pull it out of economic decline: petroleum. The discovery of two significant offshore deposits, and prospects for fracking in many areas, have triggered a black-gold rush, with demand for exploration permits up 35% since 2012.
A report published this week by Deloitte says the oil industry could create 250,000 jobs and constitute 4.3% of GDP by 2065. The report is based on an estimate of 2bn barrels of oil and 2.5bn cubic metres of gas…………………………………Full Article: Source

Global energy thirst threatens water supplies, UN says

Posted on 24 March 2014 by VRS  |  Email |Print

Energy production will increasingly strain water resources in the coming decades even as more than 1 billion of the planet’s 7 billion people already lack access to both, according to a United Nations report.
“There is an increasing potential for serious conflict between power generation, other water users and environmental considerations,” said the UN World Water Development Report published today that focused on water and energy. Ninety percent of power generation is “water-intensive,” it said………………………………………..Full Article: Source

Release oil from US reserve to hurt Russia

Posted on 19 March 2014 by VRS  |  Email |Print

World oil price could drop $10-$12 per barrel. Russia’s seizure of Crimea has prompted political leaders in Europe and North America to seek meaningful measures to convince Russia to pull back its troops.
In particular, they seek measures that would affect Russia immediately, putting internal pressure on the country’s leaders to stop their aggression while leaving the rest of the world unharmed. Some propose accelerating natural gas exports from the US to Europe. However, this is no better than computer “vapourware” because the gas would not arrive for years………………………………………..Full Article: Source

China’s secret vaults: Where is all the missing gold?

Posted on 19 March 2014 by VRS  |  Email |Print

China has recently become the world’s largest consumer of gold. Uniquely, it also ranks as both the largest producer and the biggest importer of gold. Yet a big question surrounds the true state of the Chinese demand for gold; the answer would determine how global gold prices are likely to fare.
The expectation that Chinese investors will sustain a voracious appetite for gold has helped to spark a recent rebound in gold prices………………………………………..Full Article: Source

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