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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

The world is not running out of oil – but Europe is

Posted on 15 May 2013 by VRS  |  Email |Print

If Europe thought it had a crisis on its hands in the Eurozone, it’s nothing to the crisis a lack of oil would inflict. Thanks to the EU’s disastrous energy policies, while the world is proving to be awash with black gold in one form or another, Europe is fast losing the security of its oil supply.
And, just for good measure, a UK House of Lords report just published concludes that the EU will need a trillion euros of new investment if it is to stave off an energy crisis; investment its “muddled” policies are currently failing to attract………………………………………Full Article: Source

Used gold supply heads for ’08 low as sellers balk: Commodities

Posted on 14 May 2013 by VRS  |  Email |Print

Consumers will sell the least used gold in five years after prices tumbled into a bear market, curbing a source of metal that typically accounts for about one in every three ounces of global supply.
Refiners will handle about 1,550 metric tons of old jewelry and other discarded metal this year, 4 percent less than in 2012 and the least since 2008, Toronto-based TD Securities Inc. estimates. The amount is valued now at $71.4 billion, from $84.5 billion at this year’s peak………………………………………..Full Article: Source

As imports wane, U.S. has room to cut strategic oil reserve

Posted on 09 May 2013 by VRS  |  Email |Print

Is the U.S. holding too much crude oil in its rainy-day reserve? After the Arab oil embargo of 1973, the major industrialized nations agreed to build emergency stockpiles to guard against supply shocks and prolonged price spikes.
The U.S. and other major oil consumers pledged through the International Energy Agency to hold oil reserves in government or commercial hands equal to at least 90 days “cover” of net oil imports………………………………………..Full Article: Source

Don’t count your chickens or your oil wells before they hatch

Posted on 08 May 2013 by VRS  |  Email |Print

If one is to believe the hype and the optimism going around Lebanon these days, one would think that every Lebanese citizen, or at least those residing in Lebanon, is going to strike the jackpot and join the ranks of the Gulf Arab millionaires once drilling in the newly discovered offshore oil and natural gas fields begins.
Among the anecdotes making the rounds of Lebanese coffee houses is one that all Lebanese living abroad will now return to the old country. That would be nice but it would create a terrible shock to the real estate market, already over-priced as it stands………………………………………..Full Article: Source

Citi cuts thermal coal price estimates as supply zooms

Posted on 03 May 2013 by VRS  |  Email |Print

Coal prices are likely to fall this year, owing to low demand and increased supplies. Citi Research has lowered the price estimates of global thermal coal for this year and the next, citing increased supply and subdued demand in India and China, the key coal-importing nations.
Citi’s commodity research team cut its coal price forecasts for 2013 and 2014 by six per cent and 15 per cent to $89 a tonne and $94 a tonne, respectively. Earlier, the price was estimated at $95 a tonne for 2013 and $111 a tonne for 2014. Citi said the subdued demand in the European and Chinese markets, along with oversupply of 31-41 million tonnes (mt) in 2013-14, would reduce prices further………………………………………..Full Article: Source

Global cotton production to fall 5pct in 2012-13, another 6pct in 2013-14

Posted on 03 May 2013 by VRS  |  Email |Print

Global cotton production is estimated to fall 5% to 26.3 mn tons while acreage is expected to to fall fall 5% to 34.1 mn ha in 2012-13 season on a year-on-year basis, according to International Cotton Advisory Committee (ICAC). World production is forecast to fall another 6% to 24.6 mn tons in 2013-14.
From 2012/13 to 2013/14, cotton production in China and the United States is each forecast to fall by 700,000 tons to 6.7 million tons and 3 million tons respectively, and production in India is forecast to decline by 170,000 tons to 5.7 million tons as farmers continue to switch out cotton for more profitable alternatives………………………………………..Full Article: Source

World crude steel production up 1pct to 135 mn tons in March Y-o-Y

Posted on 23 April 2013 by VRS  |  Email |Print

World crude steel production for the 63 countries reporting to the World Steel Association (worldsteel) was 135 million tonnes (Mt) in March 2013, an increase of 1.0% compared to March 2012.
In the first three months of 2013, Asia produced 259.8 Mt of crude steel, an increase of 6.4% over the first quarter of 2012. The EU produced 41.5 Mt of crude steel in the first quarter of 2013, down by -5.4% compared to the same quarter of 2012. North America’s crude steel production in the first three months of 2013 was 29.7 Mt, a decrease of -5.7% compared to the first quarter of 2012………………………………………..Full Article: Source

Saudi Arabia bullish on oil demand as IEA revises outlook

Posted on 12 April 2013 by VRS  |  Email |Print

Saudi Arabia’s petroleum ministry foresees a bigger improvement in oil demand this year than the world’s three best-known forecasting agencies, including OPEC.
Saudi Arabia, OPEC’s largest producer, expects world demand to rise about 1 million barrels a day this year, and exceed 90 million barrels a day “for the first time in history,” Ibrahim al-Muhanna, an adviser to Saudi Oil Minister Ali al-Naimi, said yesterday in Kuwait……………………………………..Full Article: Source

OPEC March crude production falls

Posted on 10 April 2013 by VRS  |  Email |Print

Crude-oil output from members of the Organization of the Petroleum Exporting Countries fell in March to its lowest monthly level since October 2011, according to data released Tuesday by the U.S. Energy Information Administration.
OPEC members pumped 29.83 million barrels a day last month, down from a revised 29.88 million barrels a day in February, the EIA said in its monthly Short-Term Energy Outlook. Last month, the EIA estimated OPEC’s February crude oil production at 30.01 million barrels a day………………………………………..Full Article: Source

Africa yet to capitalize on commodities’ potential

Posted on 09 April 2013 by VRS  |  Email |Print

With 54% of the world’s platinum production, 78% of diamond and 20% of gold output, why should Africa look elsewhere for growth? Reams upon reams of studies tend to focus on the continent’s “resource course”, and the folly of depending on a few commodities, with analysts fretting on the resource sector’s inability to raise the standards of living of the wider population.
But the opposite is happening in Africa, and one report seems to suggest Sub-Saharan African should embrace its natural riches and use it as a weapon to fight poverty, unemployment and general economic lethargy………………………………………..Full Article: Source

2012 U.S. copper production at highest level in 3 years—U.S.G.S

Posted on 08 April 2013 by VRS  |  Email |Print

U.S. production of refined copper in 2012 decreased by about 3% from that in 2011, the U.S. Geological Survey observed in a Mineral Industry Survey made public Thursday.
Nevertheless, mine production for the full-year 2012 was at its highest level since 2009, according to the USGS. Copper mining production increases in Arizona, Nevada and New Mexico were partially upset by lower production in Utah, “where production at Kennecott Utah Copper’s Bingham Canyon Mine decreased by 32,000 metric tons.”……………………………………….Full Article: Source

Raw-material bull market fading as supply expands: Commodities

Posted on 02 April 2013 by VRS  |  Email |Print

At a time when U.S. equities are trading near a record and the dollar is having its best start in three years, commodities will finish this quarter little changed from where they were at the end of 2012. The Standard & Poor’s GSCI gauge of 24 raw materials will be at 644 at the end of June, 1.4 percent lower than now, according to the median of nine investor and analyst predictions compiled by Bloomberg.
The index rose 1 percent this year, the worst start since 2009. Gains in arabica coffee, silver and nickel will be offset by declines in cotton, crude and natural gas, analyst forecasts show. Investors had $132 billion tracking commodity indexes at the end of February, Barclays Plc estimates………………………………………..Full Article: Source

OPEC March output likely lowest since October 2011, survey says

Posted on 02 April 2013 by VRS  |  Email |Print

Oil theft in Nigeria helped drive down production from the Organization of the Petroleum Exporting Countries in March to its lowest level in a year and a half, according to a survey conducted by Dow Jones Newswires.
Crude-oil output from the group of major oil producers averaged 30.226 million barrels a day in March, down from 30.436 million barrels a day in February, according to the survey of industry and official sources. The March level is the lowest since October 2011, when it stood at 30.195 million barrels a day………………………………………..Full Article: Source

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

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