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U.S. to become world’s top oil producer in 2015 - IEA

Posted on 13 November 2013 by VRS  |  Email |Print

The United States will stride past Saudi Arabia and Russia to become the world’s top oil producer in 2015, the West’s energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for OPEC supply.
But by 2020, the oilfields of Texas and North Dakota will be past their prime and the Middle East will regain its dominance - especially as a supplier to Asia, the International Energy Agency (IEA) said on Tuesday………………………………………..Full Article: Source

OPEC oil output remains higher than 2014 demand

Posted on 13 November 2013 by VRS  |  Email |Print

OPEC’s production remains higher than next year’s global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level.
The monthly report from the Organization of the Petroleum Exporting Countries adds to signs that increasing supply from the United States, enjoying a shale energy boom, and other non-OPEC countries will weigh on OPEC’s market share in 2014………………………………………..Full Article: Source

Brazil set to become major global oil supplier -IEA

Posted on 13 November 2013 by VRS  |  Email |Print

Brazil is set to become a net oil exporter and top 10 producer from 2015 if it overcomes hurdles to developing its giant offshore discoveries, the West’s energy agency said on Tuesday.
In its 2013 World Energy Outlook, the International Energy Agency (IEA), which advises large industrialised nations on energy policy, said Brazil could play a major role in supplying the world’s energy needs in coming decades, though its rise would hinge on its ability to develop its resources………………………………………..Full Article: Source

China’s growing gold stockpile

Posted on 04 November 2013 by VRS  |  Email |Print

The news that a Chinese company is to buy the largest commercial gold vault in the world (inthe Chase Manhattan Plaza in New York) is yet another reflection of China’s enthusiasm for stockpiling gold. Although China only infrequently releases official figures on this matter,the World Gold Council estimates China will import over 1000 tonnes of gold this year, overtaking India as the biggest buyer in the world.
But whereas India is trying to reduce its gold imports through the imposition of taxes and import restrictions, China takes the opposite view and is encouraging the acquisition of gold by all sectors………………………………………..Full Article: Source

Water as a commodity: can investors boost access to this critical resource?

Posted on 31 October 2013 by VRS  |  Email |Print

‘Blue gold’ investors claim to improve access to a vital resource, but critics argue commoditization may out-price the poor. From commodity guru Jim Rogers to the likes of Goldman Sachs, it has become almost cliché to refer to water as “blue gold” – a whole new commodity that can be bought and sold on par with gold, oil and corn.
After all, as demand grows and water infrastructure crumbles, the world is running out of drinkable water. And many believe the problem can only be solved if cash-strapped governments team up with “angel” investors and others in the private sector……………………………….Full Article: Source

Statoil chief casts doubt on Arctic oil production potential

Posted on 31 October 2013 by VRS  |  Email |Print

Statoil’s chief executive played up the Norwegian oil company’s positions in what he called “the workable Arctic”, in Norway and eastern Canada, while casting doubt over imminent success in other parts of the polar region.
Arctic oil exploration has been hit by a series of bad headlines after Royal Dutch Shell and Cairn Energy spent billions of dollars with disappointing results in Alaska and Greenland respectively……………………………….Full Article: Source

World crude steel production rises 6.1pct in September Y-0-Y

Posted on 23 October 2013 by VRS  |  Email |Print

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 133 million tonnes (Mt) in September 2013, an increase of 6.1% compared to September 2012.
World crude steel production for the 65 reporting countries was 1,186 Mt in the first nine months of 2013, an increase of 2.7% compared to the same months of 2012. Asia produced 795.1 Mt of crude steel in the first three quarters of 2013, an increase of 5.9% compared to the same period of 2012………………………………………..Full Article: Source

The current state of copper: Too soon for surplus?

Posted on 22 October 2013 by VRS  |  Email |Print

In a note out late last week, French bank, Natixis, queries the assumption that the copper market is already in surplus. While it doesn’t dispute that the copper market could move into surplus over the next few years, the bank maintains that saying it is already in surplus could be premature.
The reason for the dispute is the level of stocking or destocking in China that has taken place over the last few months - an issue that caused problems for copper price predictions previously………………………………………..Full Article: Source

Angola says has 4 bn barrels more in oil reserves than OPEC estimate

Posted on 16 October 2013 by VRS  |  Email |Print

Angola has 13 billion barrels of proven oil reserves, a top oil official from the African nation said, nearly 4 billion barrels more than an OPEC estimate for late 2012.
The Organization of the Petroleum Exporting Countries, whose estimates on the oil reserves of its members often differ from the countries’ own numbers, has said Angola had 9.1 billion barrels of oil reserves at the end of last year. ……………………………………….Full Article: Source

U.S. soon to overtake Russia as top oil producer

Posted on 14 October 2013 by VRS  |  Email |Print

The U.S. will become the world’s largest oil producer next year, overtaking Russia thanks to its shale oil boom which has remade the global energy landscape, the West’s energy watchdog said.
The prediction comes only days after estimates by the U.S. government showed the spectacular growth in production has allowed the world’s largest oil consumer to reduce imports so drastically that it has lost its ranking as the world’s biggest oil importer to China. “The U.S.’s place in the driver’s seat of growth is also a throwback to decades past,” the International Energy Agency, or IEA, said in its monthly report late last week………………………………………..Full Article: Source

Opec oil output at lowest in two years

Posted on 11 October 2013 by VRS  |  Email |Print

Opec pumped crude at the lowest rate in almost two years in September, according to the oil producing cartel’s own analysis, as disruptions to supplies from several members continued to support oil prices.
Brent crude oil has traded near the $110-a-barrel mark since mid-August, as theft has pushed Nigerian production below 2m barrels a day, and much of Libya’s oil industry has been closed by a wave of militia activity. Saudi Arabia has responded by pumping crude at an unprecedented rate………………………………………..Full Article: Source

Now largest oil and gas producer, will the US get extra clout?

Posted on 10 October 2013 by VRS  |  Email |Print

A recent article in the Wall Street Journal (WSJ) reported: The U.S. is overtaking Russia as the world’s largest producer of oil and natural gas, a startling shift that is reshaping markets and eroding the clout of traditional energy-rich nations.
There are many recent similar claims along with others more critical of any notion of increased clout for the US. Much has been made of a technological revolution in extraction methods (non-conventional petroleum or NCP) as a source of resurgent US global power………………………………………..Full Article: Source

Coal remains power generator king through 2035: IEA

Posted on 08 October 2013 by VRS  |  Email |Print

The International Energy Agency tweeted this chart about electricity trends to 2035. Not that surprisingly, it shows renewables and natural gas really taking off, with renewables surpassing natural gas as source of power over the next couple of years. By 2035, renewables will be giving coal a run for the money.
What surprised us, however, was the coal’s durability. It will remain the top fuel for generating electricity for the next 20 years, with growth in coal-fired power in emerging markets outweighing its decline in rich countries, the IEA said………………………………………..Full Article: Source

Biggest raw-materials rally of year seen stalling: Commodities

Posted on 01 October 2013 by VRS  |  Email |Print

The biggest rally in commodities in a year may stall in the fourth quarter as supply of everything from copper to corn expands, tensions in the Middle East ease and the Federal Reserve refrains from tapering stimulus as it seeks more evidence of sustained growth.
Six of 15 commodities will drop by the end of 2013, seven will gain and two will move less than 1 percent, according to the median of estimates from 144 analysts surveyed by Bloomberg News. Cocoa, gasoline and cotton will lose the most as natural gas, coffee and soybeans lead the winners. Goldman Sachs Group Inc. says raw-material prices will be mostly lower in a year………………………………………..Full Article: Source

For oil and gas producers, it’s all about assets

Posted on 27 September 2013 by VRS  |  Email |Print

The industry is focusing on liquid-rich plays, but some gassier regions offer solid returns, asserts Joel Musante, senior research analyst for oil and gas exploration and production with Euro Pacific Capital. With oil trading over $100 per barrel, liquids-rich plays are most attractive.
Prices may pull back, even though the surge in merger and acquisition activity suggests that some companies might believe that these price levels are here to stay. Ultimately, producers must consider development costs as well as product types and margins to enhance returns………………………………………..Full Article: Source

UAE’s oil output rises by 1.8 pct in Q2 2013

Posted on 25 September 2013 by VRS  |  Email |Print

The UAE’s oil output rose by 1.8 per cent to 2.72mn bpd in Q2 2013, compared with 2.67mn bpd during Q1 2013, according to data from the International Energy Agency (IEA). The IEA report showed that the country’s oil output in August, however, fell marginally to 2.72mn bpd compared to its average output of 2.75mn bpd in July.
The agency also noted that the UAE has a sustainable oil production capacity of 2.9mn bpd and its crude supply averaged 2.69mn bpd in the first half of 2013………………………………………..Full Article: Source

World aluminum supply needs 40pct cut

Posted on 23 September 2013 by VRS  |  Email |Print

In a little more than two weeks, Alcoa Inc. (AA) will report third-quarter results, and there is every reason to believe that those results will not be pretty. The consensus estimates call for earnings per share of $0.06 on sales of $5.74 billion. The earnings estimate has been cut in half over the past three months, and if comments today by another aluminum miner are any guide, the estimates for Alcoa are optimistic.
A senior executive of the world’s largest aluminum producer, Russia’s Rusal, has said that 40% of global aluminum production is unsustainable at current prices. From around $1,900 per metric ton (tonne) a year ago, the price today is about $1,830………………………………..Full Article: Source

China stocks up on gold as price tumbles

Posted on 16 September 2013 by VRS  |  Email |Print

Jeffrey Currie, head of commodity research at Goldman, says the yellow one could fall below $US1000 an ounce and the bank’s target average for 2014 is $US1050 an ounce.
Sure, it’s been a bad week for gold. The seeming truce on the Syrian chemical weapons issue (no US airstrikes required) and anticipation that the Federal Open Market Committee, which meets tomorrow, will reduce the rate of money printing have induced a market feeling that all is well (no wealth protection required)………………………………………..Full Article: Source

U.S. predicts decrease in OPEC oil supplies

Posted on 12 September 2013 by VRS  |  Email |Print

Oil supplies by OPEC will decrease in 2013 and 2014 reaching 35.82 million barrels per day (bpd) and 35.62 million bpd respectively, according to the Short-Term Energy Outlook published by the U.S. Energy Information Administration (EIA) on its official website.
In 2012, according to the EIA’s estimates, OPEC supply amounted to 36.59 million bpd. At the same time EIA stressed that in August, unplanned disruptions among the OPEC and non-OPEC producers reached expected 2.7 million bpd, the highest level since at least January 2011………………………………………..Full Article: Source

OPEC to cut production by 500,000 barrels

Posted on 10 September 2013 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries(OPEC) may cut oil production by half a million barrels a day when its meets in December, the International Energy Agency(EIA) has said. The body said if all go accoridng to plans, the reduction in production would be the first in five years since the last time such exercise was carried out was 2008.
It said: “ The last time OPEC cut its oil output was in late 2008 when it reduced production to 4.2 million barrels a day. During this time, oil demand fell and prices crashed amid the financial crisis………………………………………..Full Article: Source

America’s oil boom won’t make it energy-independent from Middle East madness

Posted on 06 September 2013 by VRS  |  Email |Print

Thanks to increased domestic oil production and falling demand, energy independence is becoming a realistic goal for the U.S. But that doesn’t mean it won’t be vulnerable to price shocks if a Syria attack goes bad.
If the U.S. does strike Syria, the price of oil — already at $115 and rising in the Brent index, largely because of political disruptions in Libya, a major producer — is likely to spike. It’s not that Syria is a major oil producer — even before the war its exports were modest by Middle East standards, and now the embattled regime of Syrian President Bashar Assad can manage just 50,000 barrels a day, barely 5% of what tiny Oman can pump………………………………………..Full Article: Source

OPEC output lowest since June 2011

Posted on 03 September 2013 by VRS  |  Email |Print

OPEC’s oil production fell to its lowest level since June 2011 in August as protests at many of Libya’s key oil exporting ports saw the country’s output half. Crude-oil production from the Organization of Petroleum Exporting Countries averaged 30.170 million barrels a day in August, down about 165,000 barrels a day from 30.335 million barrels a day in July.
An increase in Saudi Arabia’s output to 9.975 million barrels a day, the Kingdom’s highest level since June last year according to data compiled by the Wall Street Journal, wasn’t enough to offset substantial declines in Libya’s production as strikes and protests roiled the country’s oil industry………………………………………..Full Article: Source

OPEC: Iran holding 3rd largest crude reserves in world

Posted on 29 August 2013 by VRS  |  Email |Print

The Organization for Petroleum Exporting Countries (OPEC) in its Annual Statistical Report announced that the volume of Iran’s oil reserves amounted to 154.58bln in 2012, showing an increase of more than 1.8 percent as compared with the figures in the year before.
Venezuela with 297.735bln barrels of crude and Saudi Arabia with 265.85bln barrels precede Iran in the OPEC’ list as the states holding the largest and second largest crude reserves. According to the OPEC report, the world’s crude reserves stood at 1.478211trln in 2012, showing a 0.9 percent increase compared with the preceding year………………………………………..Full Article: Source

Gold costs more to bring to the surface than its selling price: Industry CEO

Posted on 20 August 2013 by VRS  |  Email |Print

Producing an ounce of gold can cost roughly $1,500, even though the metal is now selling for only $1,300 to $1,400 per ounce, reported trade publication Mining Weekly on Monday.
Gold Fields Limited (NYSE:GFI) CEO Nick Holland said that “all-in” cost metrics from the World Gold Council, promoted in June, show that the global gold industry is incurring losses amid high production costs and low gold prices………………………………………..Full Article: Source

Can Saudi Arabia pump enough crude oil ?

Posted on 15 August 2013 by VRS  |  Email |Print

One of Wikileaks’ most celebrated revelations, in 2011, was a confidential mail from a US diplomat in KSA (Kingdom of Saudi Arabia) stating that he had been convinced by a Saudi oil expert named Sadad al-Husseini using data from as far back as 2005 that the nation’s oil reserves are overstated by nearly 40%. The diplomat was certain that KSA could not “keep a lid on oil prices”.
To be sure, there was no need to consult Wikileaks or the State Dept to hear that – for at least a decade Matthew Simmons, author of books including Twilight in the Desert: The Coming Saudi Oil Shock published in 2005 has worked the theme of Saudi exaggeration or lying about its oil reserves………………………………………..Full Article: Source

OPEC oil production declines due to disturbances in Iraq, Libya

Posted on 12 August 2013 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries (OPEC) announced that its production of oil during July has decreased due to disturbances in Iraq and Libya.
OPEC mentioned on its monthly report that ”The oil production has declined by (1000) Oil barrels and the countries that are not associated with OPEC are promoting the oil production by (170,000) oil barrels daily.”……………………………………….Full Article: Source

Global cotton production forecast at 25.6 mln for 2013-14: ICAC

Posted on 05 August 2013 by VRS  |  Email |Print

Global cotton production is estimated at 25.6 mn tons for 2013-14 while consumption is forecast at 24 mn tons leaving a surplus of 1.6 mn tons, according to International Cotton Advisory Committee (ICAC).
World trade in cotton is estimated at 9 mn tons and world ending stocks are forecast at a record 19.8 mn tons or an eye-popping 83% of projected mill use. World production will have exceeded consumption by a cumulative 11 million tons between 2010/11 and the end of 2013/14, resulting in a doubling of world ending stocks in four seasons………………………………………..Full Article: Source

Where does gold come from?

Posted on 29 July 2013 by VRS  |  Email |Print

Gold is one of history’s most famous and important metals and has been the basis for monetary systems for thousands of years. This influential metal that has sculpted our history may not even be from our planet. Researchers have recently found new evidence that gold actually comes from the collisions of dead neutron stars.
While this discovery may do little as a price mover for this precious metal, it may give us an insight into just how rare gold is………………………………………..Full Article: Source

Mineral rich Australia may contain world’s next major oil find

Posted on 23 July 2013 by VRS  |  Email |Print

Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. The US government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012.
Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70% of its total energy production according to government sources………………………………………..Full Article: Source

Saudi Arabia’s oil sector threatened by North American supply

Posted on 19 July 2013 by VRS  |  Email |Print

Saudi Arabia has been publicly skeptical of North America’s energy surge, but there are now clear signs that its economy is directly hit by developments in Fort McMurray, Eagle Ford and the Bakken.
The massive oil sector of the Middle East’s largest economy shrank 6.3% in the first quarter of the year, its lowest reading since quarterly data was made available in 2010. Brent crude prices contracted 7% during the period while production was down nearly 8%………………………………………..Full Article: Source

Water: Is there a global crisis?

Posted on 19 July 2013 by VRS  |  Email |Print

We hear a lot about global crises every day — terrorism, global warming, children starving, children obese, running out of oil, and population bombs. Come to think of it, crisis mongering is not new. The media loves crises: they get more watchers and consequently, more ad revenues.
You might remember Paul R. Ehrlich, a Noble Prize winner and Stanford Professor. Back in 1980, he wrote “The Population Bomb” in which he claimed population growth would soon outrun the supply of food and natural resources — a real global crisis. Julian Simon, also an academic, was skeptical, so he offered Ehrlich a wager………………………………………..Full Article: Source

Australia – Next petro superstate?

Posted on 18 July 2013 by VRS  |  Email |Print

Australia’s massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. The U.S. government’s Energy Information Administration noted in its country’s analysis for Australia, “Australia, rich in hydrocarbons and uranium, was the world’s second largest coal exporter in 2011 and the third largest liquefied natural gas (LNG) exporter in 2012.
Australia is rich in commodities, including fossil fuel and uranium reserves, and is one of the few countries belonging to the Organization for Economic Cooperation and Development (OECD) that is a significant net hydrocarbon exporter, exporting over 70 percent of its total energy production according to government sources. Australia was the world’s second largest coal exporter based on weight in 2011 and the third largest exporter of liquefied natural gas (LNG) in 2012.”……………………………………….Full Article: Source

OPEC may cut oil production in December

Posted on 16 July 2013 by VRS  |  Email |Print

OPEC could be forced to reduce its oil production by half a million barrels a day when it meets in December, the first cut in five years, as the latest forecasts show the U.S. shale boom will dent demand for its crude next year, Gulf delegates within the group said.
Oil markets are brimming with new barrels coming out of U.S. shale reservoirs, and separate forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed demand for OPEC oil next year will fall well below its current production of around 30 million barrels a day………………………………………..Full Article: Source

It’s time our policies reflect the fact that energy and water are fundamentally intertwined

Posted on 12 July 2013 by VRS  |  Email |Print

When I tell people that the best way to conserve energy is to conserve water, I am often faced with a confused response. I’m not surprised really. Energy and water policies are rarely discussed in the same forum.
For a long time, we’ve overlooked the inextricable relationship between water and energy use. Coal, nuclear and natural gas plants use enormous amounts of steam to create electricity. Producing all of that steam requires 190,000 million gallons of water per day, or 39% of all freshwater withdrawals in the nation………………………………………..Full Article: Source

EIA: OPEC June oil output falls to 30.24 mln barrels a day

Posted on 10 July 2013 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries cut its oil output in June to the lowest level since March, according to U.S. government data released Tuesday. The Energy Information Administration said in its monthly Short-Term Energy Outlook that the group lowered production to 30.24 million barrels a day from a revised 30.58 million barrels a day in May.
OPEC spare capacity stood at 2.2 million barrels, steady compared to the revised May figure, as production in Angola, Libya and Nigeria fell in June………………………………………..Full Article: Source

China announces second REE quota for 2013

Posted on 03 July 2013 by VRS  |  Email |Print

China’s Ministry of Commerce announced its second rare earth export quota of 15,550 tonnes for this year. The quota includes 13,821 tonnes for light rare earth metals and 1,670 tonnes for heavy rare earth metals.
Monday’s announcement brings this year’s full year REE quota to 31,001 tonnes. The REE quota for the first half of this year was set at 15,501 tonnes. China, which produces 95% of global rare earths, exported 16,265 tonnes of rare earths in 2012 although the allocated quota for last year was 30,966 tonnes……………………………….Full Article: Source

EIA pegs OPEC’s June output at 30.1 mln b/d, down 300,000 b/d

Posted on 02 July 2013 by VRS  |  Email |Print

Crude output from the OPEC oil cartel fell to 30.1 million b/d in June from 30.4 million b/d in May, a drop of 300,000 b/d, the US Energy Information Administration estimates. Average output of about 30.3 million b/d over the two months was some 800,000 b/d below the May-June 2012 average of 31.1 million b/d, the agency said.
Volumes from OPEC kingpin Saudi Arabia were steady in June at 9.4 million b/d. Iranian output was also unchanged at 2.8 million b/d. Iraq, now OPEC’s second biggest producer after Saudi Arabia, boosted output to 3.2 million b/d in June from 3.1 million b/d in May………………………………..Full Article: Source

China’s commodities output more potent, Standard Chartered says

Posted on 26 June 2013 by VRS  |  Email |Print

China is becoming increasingly powerful as a supplier of raw materials including iron ore, aluminum, nickel and coal as it boosts output from local mines and smelters, according to Standard Chartered Plc.
Gold and copper are among the raw materials that are least vulnerable to China’s growing capacity, the bank said in a report dated June 21. Other commodities cited as insulated from the trend were platinum and diamonds, while tin was reported to be somewhat resilient………………………………………..Full Article: Source

Australia resources shares offer value, but is long slide over?

Posted on 20 June 2013 by VRS  |  Email |Print

Big price declines and a sharply weaker Australian dollar have made shares in Australian resources companies more attractive on paper. But China’s cooling economy and a rising U.S. dollar are giving some investors the shivers.
Once market darlings, shares in Australian mining and mining-services companies have tumbled this year, pushing the S&P/ASX 200 Materials index to a four-year low last week. The declines have attracted some bargain hunters BlackRock Inc., the world’s largest asset manager, said this month that it had been buying Australian mining shares………………………………………..Full Article: Source

Forget oil – There is a far more precious commodity at stake

Posted on 13 June 2013 by VRS  |  Email |Print

Forget oil for once; the new cause of rising tension in the Greater Middle East (and Africa) today is between two countries that do not even share a common border. They have no real bad history between each other, no direct links or political divergences or land or sea disputes with one another, yet the sudden appearance of tension between them could erupt in a violent conflict.
This new tension stems from a dispute over the most precious commodity in the world today, something far more precious than oil: water………………………………………..Full Article: Source

Commodity slide seen boon for resource-hungry firms’ shares

Posted on 07 June 2013 by VRS  |  Email |Print

European share prices have yet to reflect fully the impact of cheaper commodities, with analysts forecasting some stocks could rise as much as 50 percent in coming months. Oil, metals and electricity - representing between 20 and 45 percent of input costs of many companies in the industrials, chemicals and construction sectors - have fallen sharply this year and, when the moves are priced in, could lift these stocks in the second half of the year, some say.
“Equity analysts are waiting to see if the bear trend (falling prices) will stick before reviewing their profit forecasts, but it’s clearly not a temporary dip,” Diamant Bleu Gestion fund manager Christian Jimenez said……………………………………Full Article: Source

India should monetize 20,000 metric tonnes of gold

Posted on 07 June 2013 by VRS  |  Email |Print

India should monetize their huge gold stockpiles of over 20,000 metric tonnes according to the World Gold Council (WGC) as reported by Bloomberg this morning. “In the long term gold could be monetized as a financial asset,” Aram Shishmanian, the CEO of the WGC said in India overnight.
The World Gold Council has approached the Reserve Bank of India (RBI) to work with it so that bullion could be used as a financial asset, rather than just a physical asset. Exactly how the considerable store of wealth that is the gold of Indian people could be monetized was not said……………………………………Full Article: Source

Crude output exceeds imports for first time in 16 years

Posted on 06 June 2013 by VRS  |  Email |Print

U.S. domestic crude-oil production exceeded imports last week for the first time in 16 years, a government report showed today.
Output was 32,000 barrels a day higher than imports in the seven days ended May 31, according to weekly data from the Energy Information Administration, the Energy Department’s statistical arm. Production had been lower than international purchases since January 1997………………………………………..Full Article: Source

UN food, agriculture chief urges ‘nothing less than the eradication of hunger and malnutrition’

Posted on 05 June 2013 by VRS  |  Email |Print

The head of the United Nations Food and Agriculture Organization (FAO) today called for greater efforts to combat malnutrition and hunger worldwide as the agency launched its flagship annual report, which this year focuses on improved food systems for better nutrition.
In a message marking the launch of The State of Food and Agriculture (SOFA), Director-General José Graziano da Silva said that although the world has registered some progress on hunger, one form of malnutrition, there was still “a long way” to go. “FAO’s message is that we must strive for nothing less than the eradication of hunger and malnutrition,” he declared………………………………………..Full Article: Source

Opec’s caution reflects fears of oil oversupply

Posted on 03 June 2013 by VRS  |  Email |Print

The headlines did not quite reflect the wider drama as the Organisation of the Petroleum Exporting Countries (Opec), the cartel of 12 oil-producing nations, met behind closed doors on Friday.
Gathering for their biannual meeting to set their production target, they left it, as expected, at 30m barrels per day (bpd), their third rollover in a row. As ever, Opec has to consider the benefit its members could reap from reduced supply, which would push up prices, to the damage higher prices could inflict on the global economy – potentially risking a hit to demand. For now, it has stuck with the status quo………………………………………..Full Article: Source

Is Iraq capable of becoming the largest oil producer in the world

Posted on 03 June 2013 by VRS  |  Email |Print

There is often quite a debate in the Peak Oil community over the difference between a reserve and a resource. Simplistically a resource is the amount of, for the sake of discussion, oil that is in the ground in a certain country, while the reserve is the amount of oil that can be both technically and economically recovered from that resource.
The numbers can differ quite markedly, and the judgment as to whether a certain body is a reserve is finally made when a well is drilled down, and production (or not) begins………………………………………..Full Article: Source

China starts stockpiling metals again

Posted on 03 June 2013 by VRS  |  Email |Print

A new report indicates that the Chinese State Reserves Bureau has bought about 30,000 tonnes of nickel and may be considering adding to the country’s copper stockpiles as well. The nickel bought by the government’s powerful stockpiling agency represents more than 15% of the inventories held in London Metal Exchange warehouses worldwide and is likely to move markets.
The last time the SRB intervened in base metals markets was during the 2008 financial crisis when it made the most of lower prices picking up vast stocks of import commodities and effectively setting a floor for metal prices………………………………………..Full Article: Source

World crude steel output rises by 1.2pct to 132 mln tons in April 2013 Y/Y: WorldSteel

Posted on 22 May 2013 by VRS  |  Email |Print

World crude steel production of the 63 countries reporting to the World Steel Association (worldsteel) rose to 132 mn tons in April 2013, an increase of 1.2% compared to April 2012.
China’s crude steel production for April 2013 was 65.7 mn tons, up by 6.8% compared to April 2012. Elsewhere in Asia, Japan produced 9.2 mn tons of crude steel in April 2013, up by 1.0% over April 2012. South Korea’s crude steel production was 5.5 mn tons in April 2013, down by -6.3% compared to the same month last year……………………………..Full Article: Source

Rare earths, oil, gas, other commodities up for grabs

Posted on 17 May 2013 by VRS  |  Email |Print

It won’t be long before the essential raw minerals and commodities of the planet’s Far North such as rare earths, oil and gas get gobbled up by the industrialists. On Wednesday, the Arctic Council granted China, India, Italy, Japan, Republic of Korea and Singapore new Observer States status. Essentially, the six nations gained rightful entry to listen in on meetings of the council, as well as propose and finance policies.
Observers, however, do not have powers related to decision making within the council. “Many of the applicants wrote that they wanted to become observers because they are interested in arctic science,” Swedish Arctic Council Chairman Gustaf Lind said………………………………………..Full Article: Source

Australia’s resources investment to peak at $85bln

Posted on 17 May 2013 by VRS  |  Email |Print

Investment in Australia’s resources sector is expected to peak at a record $85 billion this year, led by unprecedented spending in the oil and gas sector.
Consulting Group Wood Mackenzie predicts spending on upstream gas will reach $48 billion this year and $50 billion in 2014, accounting for around half of all resources investment in Australia over two years………………………………………..Full Article: Source

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