• Russland klemmt wichtigste Öl-Ader nach Deutschland ab
• Deutschlands Oelquellen

(Source Economist, Oct 7, 2004) The problem with oil is not its shortage, but rather its concentration. link

 

(Source: Ecoomist - Buttonwood) The world depends for low oil prices on an unstable country that seems to be falling apart. No wonder they are rising. link

(Source: CNN) Last summer's power outage that plunged parts of eight states and a Canadian province into darkness could have been prevented and was not a terrorist or cyber attack, according to a final report released Monday by an investigative task force.

 

The task force's co-chairmen -- U.S. Energy Secretary Spencer Abraham and R. John Efford, Canadian minister of natural resources -- said the group would remain active for another year to push for its recommendations. link

(Source: Business.scotsman.com, Apr 20, 2004) Still not running out of unexploded Shells, then. Another ousted senior director at the flailing oil giant; another downgrading of "proven" oil and gas reserves; but, easily most damning, evidence yesterday that at least one senior director felt they were lying to the market about the level of those reserves.

The smoking gun unearthed in the internal inquiry by Shells audit committee are e-mails from former exploration and production head Walter van de Vijver, including one to his boss, Sir Philip Watts, saying that he was "sick and tired about lying about the extent of our reserves issues". Case, open and shut. Rearrange into phrase. link

(Source: FT, March 31, 04) Oil prices on Wednesday added to their strong gains from the previous session following a sharp rise in US gasoline futures after a fire at the third largest refinery in the US.

 

The firmer price comes ahead of the latest meeting of oil ministers from the Organisation of Petroleum Exporting Countries in Vienna later on Wednesday, and the latest weekly report of US commercial crude inventories, which is expected. link

Alexander posted this on his blog.

 

By chance I have come across this nice, brief introduction to energy economics by James L. Sweeney (Stanford) (PDF). Having worked for almost a decade in this area, I have often been asked by people outside the field whether I know a good and brief introduction to the subject. Most of the good ones around are quite voluminous, whereas Sweeneys is barely 29 pages doublespaced. The only downside is that the paper is very much focussed on US issues.

(Source: Times) Russia recently passed Saudi Arabia as the worlds largest producer of crude oil, pumping more than 9 million barrels per day in April, against Saudi Arabias 8.96 million. link

 

Oil-producers:

Russia	9 m b/d
Saudi Arabia	8.96 m b/d
US	7.9 m b/d
China	3.4 m b/d
Norway	3.25 m b/d

Middle East Opec nations account for a fifth of daily output and half the worlds proven reserves of 1,048 billion barrels. Saudi Arabia alone has reserves of 260 billion barrels of crude.

 

Oil-reserves by country: link (nationmaster).

The 53rd edition of the BP Statistical Review of World Energy.

(Source: FT, Arp 04, 2004) For about a day last week, light bulbs across Argentina shone less brightly than usual. It was a small and temporary change, but the hiccup is a clear sign that the country is gripped by an energy crisis.

 

Last Monday Cammesa, which regulates the electricity wholesale market, was forced to lower the voltage to prevent further cuts among big electricity consumers. Last week alone, more than 30 industries were hit by blackouts. link

(Source: Economist) A dramatic cut in Shell's reserves has the oil world buzzing

 

How on earth can an oil company lose a fifth of its reserves overnight? And not any old oil company, but that very model of a modern oil major, Royal Dutch/Shell, which has long boasted of the excellence of its management.

 

On January 9th, Shell said that it was downgrading nearly four billion barrels of oil and gas a whopping fifth of its total reserves from proven reserves to probable or other, even less-certain, categories. As proven reserves are one of the main metrics used by analysts to value oil firms, investors were not pleased. Shares in the world's third-biggest oil firm promptly fell by 7%, amid fears of worse to come. link