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World water crisis could lead to big investing opportunity

Posted on 28 March 2013 by VRS  |  Email |Print

When you turn on the faucet of your kitchen sink or bathroom shower, it’s easy to forget that behind the water is a really big business. From finding a clean source, to purifying it, and getting it into your home, there are plenty of ways to profit from good old H2O. And the demand for safe, clean water in every corner of the world has never been higher.
We were reminded of its importance last week with the United Nation’s 20th annual World Water Day. Connecticut Water Services (CTWS) marked the occasion by ringing the closing bell at the Nasdaq marketsite. ……………………………………….Full Article: Source

China’s exploitation of Latin American natural resources raises concern

Posted on 27 March 2013 by VRS  |  Email |Print

Economic benefits countered by environmental damage and fears over lopsided nature of trade relations with Beijing. Amazonian forest cleared in Ecuador, a mountain levelled in Peru, the Cerrado savannah converted to soy fields in Brazil and oil fields under development in Venezuela’s Orinoco belt.
These recent reports of environmental degradation in Latin America may be thousands of miles apart in different countries and for different products, but they have a common cause: growing Chinese demand for regional commodities………………………………………..Full Article: Source

U.S. oil production is booming. Here’s the catch

Posted on 20 March 2013 by VRS  |  Email |Print

The United States is suddenly awash in fossil fuels. Oil output has risen to its highest level since 1992. Natural gas is booming, thanks to new and improved fracking techniques. Refined petroleum has become one of the country’s top exports.
Which means it’s time to start wondering… about “Dutch disease.” Dutch disease isn’t some weird fungal infection. It’s an odd economic phenomenon that often afflicts countries rich in natural resources. Back in the 1960s and ’70s, the Netherlands discovered a large natural-gas field and began selling the gas abroad………………………………………..Full Article: Source

U.S. leads non-OPEC producers

Posted on 14 March 2013 by VRS  |  Email |Print

Demand for OPEC crude oil is declining as non-cartel producers in North America continue their growth, the cartel said in its monthly report for March. The Organization of Petroleum Exporting Countries, in its March report, said gains from non-OPEC producers were led by the United States.
“As in the previous year, U.S. oil supply in 2013 is expected to achieve the highest growth among all non-OPEC countries,” OPEC said. Adam Sieminski, administrator for the U.S. Energy Information Administration, said trends in the United States meant it was relying less on foreign markets to meet energy demands…………………………………….Full Article: Source

UAE January oil output down about 3pct from December — IEA

Posted on 11 March 2013 by VRS  |  Email |Print

The UAE’s crude oil output fell close to 3 per cent to average 2.60 million barrels a day (bpd) in January from 2.68 million bpd in December 2012, latest estimates of the Paris-based International Energy Agency (IEA) show.
“Production from the UAE declined by 80,000 bpd to 2.6 million bpd, due to a temporary reduction in onshore output stemming from work related to plans to raise crude oil production capacity from the current 2.8 million bpd to 3 million bpd. Plans to expand capacity by 200,000 bpd were delayed from the fourth quarter of 2012 and are now expected to be completed by the end of the first quarter of 2013,” said the IEA, which advises 28 industrialised countries on energy policy………………………………………..Full Article: Source

OPEC failing to make energy transitions

Posted on 05 March 2013 by VRS  |  Email |Print

A new report by countries by the World Economic Forum has criticized the OPEC-member countries of failing to adjust to the changing energy architectures and renewable energy sources.
None of the member countries have made it to the top 50 list of the energy report, which focuses on the strengths and weaknesses of countries’ energy systems. Titled ‘The Global Energy Architecture Performance Index 2013‘, the report has been compiled in partnership with Accenture and ranks the top high-income countries in the world for adapting to the upcoming energy systems………………………………………..Full Article: Source

Worldwide exploration trends 2013

Posted on 04 March 2013 by VRS  |  Email |Print

SNL Metals Economics Group’s (SNL MEG) 23rd edition of Corporate Exploration Strategies (CES) calculated that the industry’s estimated total budget for nonferrous metals exploration increased to $21.5 billion in 2012.
Despite ongoing uncertainty in Europe and the United States, and concerns about waning demand in China, most metals prices remained well above their long-term averages in 2012, giving varying levels of support to the industry. Led by higher budgets among the major producers, exploration budgets documented in the study increased by $3.3 billion (19%) to $20.53 billion to set a new all-time high………………………………………..Full Article: Source

Myanmar, shining new hope for global oil giants

Posted on 25 February 2013 by VRS  |  Email |Print

While other countries may be more reliable and better equipped, Myanmar has emerged as the new promised land for global oil and gas giants unperturbed by a lack of data on its proven energy reserves.
Since political reforms helped Myanmar shed its pariah status and prompted international sanctions to be lifted, the world’s major energy firms have been eyeing the potentially oil-and-gas-rich country tucked between China and India………………………………………..Full Article: Source

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Highest Opec buffer since 2011 no brake on price rise

Posted on 22 February 2013 by VRS  |  Email |Print

Opec’s biggest cushion of unused production capacity in two years is doing little to restrain prices, as threats to supplies from Algeria to Iran undermine the confidence that surplus crude usually creates. Brent futures have advanced even as idle reserves expand in the Organisation of Petroleum Exporting Countries, moving higher in tandem at the fastest rate since at least 2006, according to data compiled by the International Energy Agency and Bloomberg.
Oil is facing unprecedented political threats, Goldman Sachs Group said last month, three days before Algeria was struck by the bloodiest assault on its energy industry in five years…………………………………….Full Article: Source

Iraq crude oil production to average 4.9 mn b/d in 2017: BofAML

Posted on 21 February 2013 by VRS  |  Email |Print

BofAML (Bank of America Merrill Lynch) now forecasts Iraqi oil production to average 4.9 million b/d in 2017, compared to a government target of 9-10 million b/d.
Given the uncertain prospects for capacity growth in OPEC-11, Iraq’s output is becoming increasingly critical for global oil supplies. Crude production has increased at a phenomenal pace, recently rising to a record high of 3.2 million b/d from an average of 2.4 million b/d in 2010……………………………………Full Article: Source

China’s foreign oil output surges

Posted on 20 February 2013 by VRS  |  Email |Print

China is on track to produce enough crude oil outside its borders to rival Opec members such as Kuwait and the United Arab Emirates, after its state-owned oil companies spent a record $35-billion (U.S.) buying foreign rivals last year.
In the first tally of the impact of China’s recent overseas oil investments, the International Energy Agency calculates China’s national oil companies will produce 3 million barrels a day abroad in 2015, double their 2011 overseas output of 1.5m b/d and equivalent to Kuwait’s annual output……………………………………Full Article: Source

Opec production falls to 30.4mln bpd in January

Posted on 18 February 2013 by VRS  |  Email |Print

Crude oil production from the Organization of the Petroleum Exporting Countries (Opec) fell to 30.45 million barrels per day (bpd) in January from 30.65 million bpd in December, led by a further drop in volumes from Saudi Arabia, said a just-released Platts survey of Opec and oil industry officials and analysts.
Saudi Arabia reduced output to 9.25 million bpd in January from 9.45 million bpd in December, the report stated. The January level was the lowest since an estimated 9.05 million bpd in May 2011, it added………………………………………..Full Article: Source

OPEC to trim supply amid Saudi output cuts, Oil Movements says

Posted on 15 February 2013 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will cut crude shipments by 0.9 percent this month amid lower production by Saudi Arabia, according to tanker tracker Oil Movements.
The group that supplies about 40 percent of the world’s oil will export 23.51 million barrels a day in the four weeks to March 2, down 220,000 a day from 23.73 million in the previous period, the researcher said today in an e-mailed report. Those figures exclude Angola and Ecuador………………………………………..Full Article: Source

China 2012 gold production hits record 403.05 tons

Posted on 08 February 2013 by VRS  |  Email |Print

China maintained it’s position as the world’s largest producer of gold for the sixth consecutive year. Gold output of China increased 11. 66% and reached a record high of 403.05 tons in 2012, said China Gold Association.
But China still remains the second largest consumer of the yellow metal after India. Of the total output, 82.71% for the year is from the country’s main ten gold producing regions including provinces of Shandong, Henan, Jiangxi………………………………………..Full Article: Source

Jim Rogers bullish on water-tech investments, Russian ruble

Posted on 08 February 2013 by VRS  |  Email |Print

Jim Rogers, who co-founded the Quantum Fund with George Soros in the 1970s, is exploring the world for investments in water technology. “There will be wars east of the Red Sea over oil and wars west of the Red Sea over water,” Rogers, 70, said in an interview yesterday before giving a speech to the CFA Society of Atlanta.
Rogers, who is chairman of Rogers Holdings in Singapore where he lives with his wife and two young daughters, said he isn’t interested in owning lakes, reservoirs or other sources of water that could be confiscated by governments in times of turmoil. He said he’s looking for technologies that can help free countries from dependency on outside water sources. One stock he holds is Singapore-based HyFlux Ltd, which makes and installs water purification, treatment and recycling systems………………………………………..Full Article: Source

World crude steel production may rise 4.7pct to 1620 mln tons in 2013

Posted on 07 February 2013 by VRS  |  Email |Print

World crude steel production is expected to rise 4.7% to 1620 mn tons, according to MEPS International. Global crude steel output in 2012 was 1,548 mn tons which represented a growth of 1.2% over previous year, according to World Steel Association data. The growth came mainly from Asia and North America while crude steel production in the EU (27) and South America decreased in 2012 compared to 2011.
Blast furnace ironmaking is expected to expand at a rate similar to that of steel in 2013 and reach 1160 million tonnes. Direct reduced iron manufacturing should show better growth as the popularity of this process is increasing in the Middle East and India………………………………………..Full Article: Source

Platinum supply drops to 13 year low as mines close

Posted on 06 February 2013 by VRS  |  Email |Print

Platinum supplies are falling to a 13-year low as mines in South Africa, the world’s biggest producer, close and automobile sales reach new highs. Production will drop 2.7% to 5.68 million ounces, the least since 2000, according to Barclays, which raised its 2013 shortage estimate sixfold last month after Johannesburg-based Anglo American Platinum (AMS) said it plans to idle shafts.
At the same time, demand from carmakers, the biggest consumer of the metal, will increase 0.5% in 2013, Barclays says. Investors are buying platinum at the fastest pace in three years………………………………………..Full Article: Source

Platinum supply falls to 13-year low as mines close

Posted on 05 February 2013 by VRS  |  Email |Print

Platinum supplies are falling to a 13-year low as mines in South Africa, the world’s biggest producer, close and automobile sales reach new highs. Production will drop 2.7 percent to 5.68 million ounces, the least since 2000, according to Barclays Plc, which raised its 2013 shortage estimate sixfold last month after Johannesburg-based Anglo American Platinum Ltd. (AMS) said it plans to idle shafts.
At the same time, demand from carmakers, the biggest consumer of the metal, will increase 0.5 percent in 2013, Barclays says. Investors are buying platinum at the fastest pace in three years……………………………………..Full Article: Source

Global iron-ore demand expected to reach 2.6-bln tons

Posted on 05 February 2013 by VRS  |  Email |Print

Global demand for iron ore is expected to reach 2.6-billion tons in the next seven years, with China poised to remain the biggest consumer of the steel-making ingredient, Diedrik Tas, partner at commodities search firm McKinsey & Co, told attendees at the Mining Indaba in Cape Town on Monday.
Prices were also to remain high, Mr Tas said, but he warned that this would not be due to increased demand, but rather a function of rising operating costs. Iron-ore prices are closely linked to growth in the steel markets. Over the past year, prices have wavered as the slowdown in China’s economic growth led to lower demand for the metal……………………………………..Full Article: Source

A gold production cliff could be coming in 2017

Posted on 04 February 2013 by VRS  |  Email |Print

As gold companies grew, too few large deposits have been discovered to sustain current production rates. Though, in recent years, the development of a handful of large mines and the threat of others to follow provided the useful impression that the Production Cliff would be deferred, at least to the point where it was perceived to be a next-cycle problem.
No such luck. Project congestion marked by capacity constraints and resultant delays and cost pressures has forced a more orderly sequencing of projects. High-quality projects have stayed at the front of the queue with delays, while the rest have seen significant delays or, worse, been shelved……………………………………..Full Article: Source

Water demand for energy to double by 2035

Posted on 31 January 2013 by VRS  |  Email |Print

The amount of fresh water consumed for world energy production is on track to double within the next 25 years, the International Energy Agency (IEA) projects. And even though fracking—high-pressure hydraulic fracturing of underground rock formations for natural gas and oil—might grab headlines, IEA sees its future impact as relatively small.
By far the largest strain on future water resources from the energy system, according to IEA’s forecast, would be due to two lesser noted, but profound trends in the energy world: soaring coal-fired electricity, and the ramping up of biofuel production………………………………………..Full Article: Source

U.S. gold, silver production down in 2012—USGS

Posted on 31 January 2013 by VRS  |  Email |Print

The “2013 Mineral Commodities Summaries” released by the U.S. Geological Survey Tuesday revealed that, in 2012, the estimated total value of U.S. mineral production increased for the third consecutive year. The estimated value of mineral raw materials produced at U.S. mines was $76.5 billion, a slight increase from $74.8 billion in 2011, according to the USGS.
Estimated total value of U.S. metal mine production in 2012 was $34.9 billion, down 3% from 2011. Principal contributors to the total value of metal mine production last year were gold (36%), copper (27%), iron ore (15%), molybdenum (10%), and zinc (4%). Average prices for most domestically mined metals decreased in 2012………………………………………..Full Article: Source

HSBC: Oil majors at risk from ‘unburnable’ reserves

Posted on 30 January 2013 by VRS  |  Email |Print

Oil and gas majors, including, BP, Shell, and Statoil, could face a loss in market value of up to 60 per cent should the international community stick to its agreed emission reduction targets, analysts at HSBC have warned.
A new report from the banking giant finds that 17 per cent of Norwegian company Statoil’s reserves would become “unburnable” in a world where oil and gas use falls as countries seek to keep carbon concentrations in the atmosphere to 450 parts per million (ppm), the level the International Energy Agency (IEA) estimates is necessary to deliver a 50 per cent chance of limiting long-term temperature rises to 2°C………………………………………..Full Article: Source

Trillions of dollars worth of oil found in Australian outback

Posted on 25 January 2013 by VRS  |  Email |Print

Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia. The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil.
The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region’s rocks………………………………………..Full Article: Source

The resource boom ended in 2011 already

Posted on 18 January 2013 by VRS  |  Email |Print

History shows commodity prices tend to trend sideways for 10–20 years, and then jump upwards in response to structural changes in the global economy, before resuming their sideways trajectory. That makes clear economic sense.
An event like China’s rapid industrialization and urbanization inevitably causes a sudden price leap, as suppliers scramble to meet the upsurge in demand. Eventually, producers bring new (and sometimes more marginal) resources on line and supply begins to catch up, at which point the dramatic price increases stop………………………………………..Full Article: Source

IEA head rules out further drop in oil output this year

Posted on 16 January 2013 by VRS  |  Email |Print

The Executive Director of the International Energy Agency (IEA) Maria Van der Hoeven said Monday she doesn’t see a further decline in global crude production in 2013.
Saudi Arabia cut its oil production by close to 5 percent to 9.025 million barrels a day in December in response to lower demand chiefly from Asian customers, and comes amid expectations for lower demand for crude oil from the Organization of the Petroleum Exporting Countries this year………………………………………..Full Article: Source

IEA head rules out further drop in oil output this year

Posted on 15 January 2013 by VRS  |  Email |Print

The Executive Director of the International Energy Agency (IEA) Maria Van der Hoeven said Monday she doesn’t see a further decline in global crude production in 2013.
Saudi Arabia cut its oil production by close to 5 percent to 9.025 million barrels a day in December in response to lower demand chiefly from Asian customers, and comes amid expectations for lower demand for crude oil from the Organization of the Petroleum Exporting Countries this year. Asked by Dow Jones Newswires in an interview if the market is likely to see further production cuts this year, Van der Hoeven said: “I don’t think so.”……………………………………….Full Article: Source

US oil production ‘to jump by a quarter by 2014′

Posted on 10 January 2013 by VRS  |  Email |Print

US oil production will jump by a quarter by 2014 to its highest level in 26 years, figures suggest. This is mainly because of the discovery of vast reserves of shale oil.
The Energy Information Administration (EIA) in the US also forecast average global oil prices would fall from $112 a barrel in 2012 to $99 in 2014. It said US oil imports would fall by a quarter between 2012 and 2014, because of rising domestic production and the discovery of shale gas………………………………………..Full Article: Source

OPEC exports drop after winter demand peak, Oil Movements says

Posted on 21 December 2012 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will cut crude exports by 2.6 percent as demand during the northern hemisphere winter begins to slacken, according to tanker tracker Oil Movements.
The group that supplies about 40 percent of the world’s oil will export 24.1 million barrels a day in the four weeks to Jan. 5, down 640,000 barrels a day from the previous period, the researcher said in an e-mailed report today. The figures exclude Angola and Ecuador………………………………………..Full Article: Source

Investec’s Cheveley: China will reassert itself in 2013

Posted on 20 December 2012 by VRS  |  Email |Print

Resources managers George Cheveley and Bradley George have been increasing their net market exposure to commodities as they see positive macro signs for equities in gold, iron ore and the energy majors over the next few months.
Cheveley told Citywire Global that he expected an upturn in meaningful Chinese growth in the first two quarters of next year, which would benefit iron ore companies in particular, and said the large diversified miners such as core holdings BHP and Rio Tinto would also be able to surprise the market with better than expected cost savings………………………………………..Full Article: Source

Global stainless steel crude steel production rises by 2.9pct YoY in Jan-Sept 2012 : ISSF

Posted on 20 December 2012 by VRS  |  Email |Print

World wide stainless steel crude steel production has increased in the first nine months of 2012 by 2.9% compared to the same period of 2011. Total production for the first three quarters was 26.1 mn metric tons (Mt). This is 0.7 Mt more than in the same period of 2011.
Total production for the quarter was 8.3 Mt – a new all-time high for a third quarter. However, there were big differences in the performance of the individual regions – states a preliminary data released by the International Stainless Steel Forum (ISSF)………………………………………..Full Article: Source

OPEC’s spare capacity to rise in 2013

Posted on 19 December 2012 by VRS  |  Email |Print

OPEC’s spare capacity will rise to 4.1 percent of global oil demand in 2013, analysts of the Global Energy Studies Centre (CGES) believe. According to the CGES analysts’ report, due to the recent reduction in Saudi Arabia’s production, OPEC’s spare output capacity has risen slightly to 3.74 million barrels per day (mbpd).
Although OPEC decided in Vienna recently to maintain its 30-mbpd ceiling, making no attempt to address its excess production, which has persisted throughout 2012, many observers predict that the Saudis and their Gulf allies will need to trim output in 2013………………………………………..Full Article: Source

Opec likely to cut supply next year

Posted on 17 December 2012 by VRS  |  Email |Print

The Organization of Oil Exporting Countries (OPEC) will likely consider supply cuts next year to prevent prices from falling and to protect Brent crude at $90-110/bbl, especially that the market remains well balanced with sufficient supplies ready to counter any short-term disruptions or heightened geopolitical risks, the National Commercial Bank said in its December “Saudi Economic Review”.
Saudi Arabia has been unilaterally decreasing its supply in recent months, curbing output to a 13-month low of 9.67 mb/d in November, the report said……………………………………..Full Article: Source

‘Resource nationalism’ reshaping international commodity markets

Posted on 12 December 2012 by VRS  |  Email |Print

Resource nationalism is making commodity prices more volatile and threatens global security, warns think-tank Chatham House. Based on new data concerning commodity trade flows, a report by the think-tank highlights how international politics has come to dominate resource markets.
It says “every country for itself” resource grabs mean markets do not respond properly to higher prices, risking trade wars, environmental degradation and famine in poorer countries unless new ways are found to govern resources………………………………………..Full Article: Source

OPEC uniting to keep quota as oil heads for best year

Posted on 12 December 2012 by VRS  |  Email |Print

Most members of the Organization of Petroleum Exporting Countries are signaling they’ll keep production policy unchanged at a meeting in Vienna today as the group struggles to agree on a new secretary-general.
While OPEC’s own forecasts show that it’s pumping more than consumers need, Saudi Arabia, Iraq, Iran, the United Arab Emirates, Angola and Ecuador have indicated that supply and demand are approximately in balance, suggesting that the group will stick to its official output target of 30 million barrels a day………………………………………..Full Article: Source

Global oil - Supply prospects brighten but risks still linger

Posted on 05 December 2012 by VRS  |  Email |Print

It is less than a month to bid farewell to the chaotic 2012 and enter 2013, which is expected to be relatively calmer for the oil market, also a chief driver of the world economy.
The recent slightly lower revision of the global crude price projections by various global forecasters is predominantly backed by the indication of slowing demand growth, while some improvements in the supply prospects………………………………………..Full Article: Source

Global cotton production in 2013-14 may fall to 4-year low: ICAC

Posted on 05 December 2012 by VRS  |  Email |Print

Global cotton output in 2013/14 may fall for the second consecutive season resulting in the smallest output in four years. .Lower cotton prices and increased attractiveness of competing crops will decrease the production of global cotton by 11% to 23.2 million tons, according to International Cotton Advisory committee (ICAC).
Production is expected to fall sharply in the United States and Turkey, where competition with grains and soybeans is strong. Smaller crops are also projected in China, Pakistan, Central Asia and Francophone Africa………………………………………..Full Article: Source

Year ahead may bring commodity surplus

Posted on 04 December 2012 by VRS  |  Email |Print

Though 2012 will go down in the history books as a particularly trying year for U.S. farmers, Rabobank reports that global agricultural commodity markets are expected to shift from a squeeze to a surplus in 2013, but prices will remain volatile.
Rabobank’s annual commodities outlook, titled “Outlook 2013 – Rebalancing on a Tightrope,” analyzes how global macro uncertainty is shaping the markets, specifically the impact of a weak dollar on prices, as well as how speculative money flows will continue to drive trading patterns………………………………………..Full Article: Source

We can expect China to keep gobbling the world’s resources

Posted on 04 December 2012 by VRS  |  Email |Print

Commodity supercycles usually end abruptly, catching almost everybody by surprise. The rhythm is as old as mankind, poignantly described in the life of an Icelandic sheep farmer 100 years ago by Nobel laureate Halldór Laxness.
Studies by the World Bank covering two centuries sketch a pattern of 10-year booms, followed by a slide for the next 20 years or so as excess investment leads to a flood of supply. The long bear market can be cruel for those hanging on to resource stocks, convinced that the rebound is nigh………………………………………..Full Article: Source

FAO raises 2012 global paddy production forecast to 729 mn tons

Posted on 30 November 2012 by VRS  |  Email |Print

The Food and Agriculture Organization of the United Nations (FAO) has raised its July forecast of global paddy production in 2012 by 4.2 million tons to 729 million tons (486 million tons, milled) because of the progression in the crop.
Prospects have improved especially for India, but also Egypt, the Democratic Republic of Korea, the Philippines, the United States and Vietnam, while they worsened in Myanmar, Colombia and Senegal………………………………………..Full Article: Source

Global platinum mining capacity to increase 38,000 kg by 2015—U.S. Geological Survey

Posted on 29 November 2012 by VRS  |  Email |Print

A U.S. Geological Survey scientific investigations report forecasts that South Africa, Russia, Canada, and Zimbabwe will continue to be the principal sources of PGM for at least the next decade.
Global platinum mining capacity is expected to increase by 24,000 kg in South Africa, 9,000 kg in Russia, 3,000 kg in Russia and 2,000 kg in Zimbabwe from 2011 to 2015, according to the report authored by David R. Wilburn………………………………………..Full Article: Source

China eyes 450 T gold output in 2015, consumption to rise

Posted on 27 November 2012 by VRS  |  Email |Print

Top gold producer China aims to produce between 420 and 450 tonnes of the precious metal in 2015, up about 25 percent from 2011, while consumption may reach 1,000 tonnes by then, the Ministry of Industry and Information Technology said on Monday.
China is already the main consumer of a range of commodities, including copper, coal and iron ore, and the world’s second-largest gold consumer after India has to import large quantities of bullion to satisfy domestic demand………………………………………..Full Article: Source

Opec refineries outlook is expensive

Posted on 26 November 2012 by VRS  |  Email |Print

The recently issued World Oil Outlook report by Opec comes at a time when the oil refining industry is passing through many changes around the world. While the refinery distillation capacity is stagnant in the US, it is faced with sale or closure of in Europe but more than compensated by an enormous expansion in Asia and the Middle East.
Oil demand in the US is down or stagnant at best while a reduction in oil demand is already a fact in Europe. Therefore, between 2008 and 2011 two million barrels a day (mbd) of refining capacity is closed for good and only in 2011 and so far in 2012, 1.7mbd is closed in Europe alone………………………………………..Full Article: Source

IEA says world oil markets remain well supplied

Posted on 20 November 2012 by VRS  |  Email |Print

World oil markets are well supplied despite the loss of nearly 1 million barrels a day of crude from Iran following sanctions by the United States and European Union, the head of the International Energy Agency (IEA) told Reuters on Monday.
Brent crude has stayed above $100 a barrel for most of this year due to concerns over supply disruptions after the United States and Europe slapped sanctions on Iran in a bid to force Tehran to abandon its controversial nuclear programme………………………………………..Full Article: Source

US shale oil abundance: Bernstein vs the IEA

Posted on 20 November 2012 by VRS  |  Email |Print

When the International Energy Agency’s big annual report came out last week there was a big top line story picked up nearly everywhere: that US oil production will overtake Saudi Arabia by about 2020.
This is due to projected rises in oil being wrung from the sort of shale formations that have been the source of vast new supplies of natural gas in the past few years………………………………………..Full Article: Source

How will oil production impact the economy over the coming decade

Posted on 20 November 2012 by VRS  |  Email |Print

A paper published recently by the IMF gives us some insight into how oil prices and availability might affect the global economy in the next decade. The paper, entitled Oil and the World Economy: Some Possible Futures, starts with the statistic that global oil production grew by 1.8 percent annually from 1981 to 2005, then stagnated with production remaining essentially flat thereafter.
In the last seven years what is called global “growth” in “oil” production has come largely from substitutes for crude such as natural gas liquids, tar sands, and biofuels……………………………………….Full Article: Source

OPEC member Kuwait headed for 14th surplus year

Posted on 19 November 2012 by VRS  |  Email |Print

OPEC member Kuwait is headed for its 14th consecutive year of budget surplus thanks to strong oil prices and high production, an economic report said on Sunday.
The oil-rich Gulf state is expected to post a surplus of between 9.8 billion dinars ($34.8 billion) and 12.8 billion dinars ($45.4 billion) in the current 2012/2013 fiscal year, the National Bank of Kuwait said. The projections were based on an average oil price of between $104 and $107 a barrel for Kuwaiti crude, the NBK report said……………………………………….Full Article: Source

Japan’s hottest commodity: Water

Posted on 16 November 2012 by VRS  |  Email |Print

A two-decade slump in Japan’s real estate prices and the country’s lax rules on selling foreigners forestland with water rights attached are attracting overseas investors, with the Chinese leading the pack.
Some areas of remote woodland in Japan, the only country in the Asia-Pacific region that doesn’t regulate property investment by foreigners, can be bought for just 60¢ a square meter, including the groundwater beneath. Groundwater is the water from rain and snow that seeps into the land, where it eventually ends up in aquifers that can be tapped by drilling a well………………………………………..Full Article: Source

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US can become world’s biggest oil producer in a decade, says IEA

Posted on 13 November 2012 by VRS  |  Email |Print

The US could become self-sufficient, while 90% of Middle Eastern oil could go to China, according to new estimates. The US can shed its longstanding dependence on Saudi Arabian oil within the next decade, redrawing the world’s political systems and potentially leading to runaway global warming.
In a report released on Monday, the world’s foremost energy watchdog, the International Energy Agency (IEA), said the US would benefit from so-called unconventional sources of oil and gas, including shale gas and shale oil, derived from fracking – blasting dense rocks apart to release the fossil fuels trapped within………………………………………..Full Article: Source

Russia emerges as top crude oil producer ahead of Saudi Arabia in 2012

Posted on 05 November 2012 by VRS  |  Email |Print

Russia has emerged as the world’s largest producer of Crude Oil ahead of Saudi Arabia in 2012. According to US Geological Survey (USGS) data, Saudi Arabia topped the charts until 2011 producing 10.5 mn barrels per day in 2011 while Russia produced 10.1 mn barrels per day.
However, Reuters reported that Russia has emerged as the world’s largest crude oil producer this year having increased production to 10.46 mn barrels per day thanks to increased production by Rosneft, soon to be world’s biggest crude supplier………………………………………..Full Article: Source

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