Oil prices "healthy for exporters"

Oil prices at US$60 a barrel provide a "healthy situation" for petroleum exporters, the vice governor of Saudi Arabia's central bank said. Muhammad Al-Jasser, vice governor of Saudi Arabian Monetary Agency said the current level provides a "healthy situation" for oil exporting countries in the Middle East, although some officials in the region have previously said that oil prices below US$60 could prompt a production cut.

Oil prices have fallen about 21% since hitting a record of US$78.40 on July 14 and the slide came amid weakening U.S. demand for oil. Light sweet crude for November delivery on the New York Mercantile Exchange rose 14 cents to $61.59 a barrel.

(2006-09-26 18:39:05 SGT) [Energy] Permalink

Turkey and Iran preparing to invade Kurdistan

sprucegoose.blogspot.com -> debka.com :

Iran and Turkey are about to launch a coordinated attack against the Kurds. It is said that Turkish troops are already over 5 miles inside of Iraq. Troops and munitions are amassing as I type this. It looks like a lifetime of horror is about to get worse. The Kurds have been literally fighting for their lives on three fronts now for years. There is nowhere for them to go. They have no country.

They do have control of a modest amount of oil in Northern Iraq and have made great gains since the US has taken the pressure off of them by eliminating Saddam's regime. It looks like Turkey and Iran have decided to take the oil away from them and to repay them for loyalty to the US during the Iraq occupation. It looks like things are about to get a lot hotter on the world scene.

- Odd that the MSM (mainstream media) isn't picking this up yet, and that all the outlets are quoting the same source. Crude prices are still hovering around $61, not much changed, just up a little from $60 earlier. Hmm.

(2006-09-26 18:28:10 SGT) [Energy] Permalink

Russia hits back at US in plan to redirect gas to Europe

channelnewsasia.com :

A Russian plan to re-route a significant amount of natural gas from a huge new field originally intended for the US market to Europe is a political move linked to deteriorating US-Russian relations, analysts said. Experts linked the apparent change of thinking to recent bilateral spats such as US sanctions on Russian state arms exporter Rosoboronexport and aircraft maker Sukhoi and troubled bilateral talks on Russia's entry into the World Trade Organisation (WTO).

If the decision were confirmed, it would be a dramatic shift in plans for the Shtokman gas field, one of the most coveted energy sources in the world with estimated reserves of around 3.2 trillion cubic meters of gas. Gazprom is in the process of picking partners to develop the field, which is expected to begin exporting in 2010.

(2006-09-26 18:18:23 SGT) [Energy] Permalink

Honda plans clean diesel, fuel-cell car in 3 years

peakoil.com -> bloomberg.com :

Honda, vying with Toyota for buyers of fuel-efficient autos, aims to leapfrog rivals by introducing the world's cleanest diesel car and a fuel-cell-powered sports car within three years. Honda is the world's largest engine maker and trails only Toyota in hybrid-electric auto production.

Honda unveiled a drivable version of the FCX fuel-cell sports car first shown at the Tokyo Motor Show in 2005. Its top speed is 160 km/h (100 mph) and can travel 570 km (356 miles) when fully fueled. Performance is equivalent to a 2.4-liter gasoline engine car, spokesman David Iida said. No automaker has unveiled a working fuel-cell car with higher speed or range.

Diesel offers fuel-economy comparable to hybrids. The fuel is also dirtier than gasoline, creating unhealthy levels of soot and nitrous oxide fumes. Strict air-quality rules prevent Volkswagen and DaimlerChrysler, the biggest diesel sellers, from offering such models in California and four other U.S. states. Honda said its diesel engine differs from rivals' by using a new nitrogen oxide catalytic converter to make and store ammonia on-board. "We hope to take the leadership in environmental technology as we did with CVCC," said Fukui.

(2006-09-26 13:10:41 SGT) [Energy] Permalink

OPEC supply down in September

peakoil.com -> bahraintribune.com :

Oil supplies from the Organization of Petroleum Exporting Countries (Opec) fell 400,000 barrels a day on the month to 30.2 million bpd in September, according to preliminary figures from tanker tracker Petrologistics. Saudi Arabia and Iran led the fall in output. Petrologistics head Conrad Gerber said the kingdom produced 9.05 million bpd in September compared with 9.27 million bpd in August.

Opec ministers have expressed concern about falling oil prices and indicated that a cut in the production ceiling could be on the horizon in the near future. Gerber said that even at 30.2 million bpd Opec was producing more than the market needed. "In August they were supplying 30.6 (million bpd) and that was too much and now they are at 30.2 which is okay, but still more than is needed," he said.

- Peakoilers soon realize exactly how messy things are when they find out that we have been relying on figures for oil production from a company called Petrologistics that hires people to count the oil tankers passing by. We don't know exactly how much oil is being produced from the ground, how much we are using, and how much reserves are left. Which is why we get peak oil date estimates ranging from 2005 to 2050 - take your pick. My pick is 2010 +/- 5 years - because the geologists know their rocks better than the economists.

(2006-09-26 12:49:20 SGT) [Energy] Permalink

Russia sets the pace in energy race

peakoil.com -> atimes.com :

Richard Lugar, chairman of the US Senate Foreign Relations Committee, characterized Venezuela, Iran and Russia as "adversarial regimes" that were using energy supplies as "leverage" in foreign policy. Lugar said: "We are used to thinking in terms of conventional warfare between nations, but energy is becoming a weapon of choice for those who possess it." The fact is that the Bush administration, which has been long on words over international energy diplomacy and has been short on results, finds itself at the receiving end from effective, calibrated, purposeful Russian energy diplomacy in recent months.

As yet another winter season advances, Europe's dependence on gas supplies through Russian pipelines remains undiminished. Equally, it cannot escape Moscow's estimation that a panic demand for gas in Europe, thanks to recent apprehensions about gas shortages, is bound to send gas prices even higher. A Russian commentator wrote with satisfaction recently, "Today, Europe's major energy concerns are lining up to extend long-term contracts with Gazprom."

(2006-09-26 12:28:27 SGT) [Energy] Permalink

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