OPEC ministers are meeting in Cairo to discuss the recent fall in oil price as Saudi Arabia identifies a price target per barrel of oil for the first time in years.
The Organization of Petroleum Exporting Countries (OPEC), which accounts for 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining.
http://sharewave.org
Duration : 0:1:57
Indonesia is the only Asian-Pacific member of OPEC that’s meeting in Saudi Arabia this weekend. Much of the country’s oil reserve remains undeveloped.
Al Jazeera’s Step Vassen reports on how it is now attracting foreign investors and how many local communities are uncertain about their future.
Duration : 0:3:17
The head of the Organisation of the Petroleum Exporting Countries (Opec) has said that the organisation must order a “substantial” cut in oil production when the group meets in Vienna next week.
Inside Story asks who is responsible for the drop in oil prices and if it is related to the current financial crisis.
Duration : 0:10:51
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“Abbas May Call for Early Elections,” Abu Dhabi TV, UAE
“Truce Ends Between Hamas and Israel,” IBA TV, Israel
“Iraqi Officials Accusd of Attempted Coup,” Al Arabiya TV, UAE
“Iraq Tightens Security on Iran’s Border,” Al Arabiya TV, UAE
“Iran Shells PKK in Northern Iraq,” Al Jazeera TV, Qatar
“Stategic Road in Kurdistan, Iraq,” Alsumaria TV, Iraq
“Russia Gives Lebanon Fighter Jets,” Nile TV, Egypt
“Grand Mufti of Azhar Faces Criticism for Shaking Israeli President’s Hand,” Al-Alam TV, Iran
“OPEC Reduces Oil Production,” Press TV, Iran
Produced for Link TV by Jamal Dajani.
Duration : 0:27:1
Dec. 18 (Bloomberg) — Bloomberg’s Su Keenan reports on the performance of oil market in 2009, and the outlook for oil prices next year. (Source: Bloomberg)
Duration : 0:1:26
Article: http://www.dailytech.com/Geologists+Find+90+Billion+New+Barrels+of+Oil+in+Arctic/article12481.htm
Race to claim begins
The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey. The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices . One third of the amount may lie in Alaska alone, according to the study’s authors.
The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves. Counting known deposits already surveyed, total oil and gas deposits in the Arctic are more than 410 billion barrels.
The study, known as CARA — Circum-Arctic Resource Appraisal — included only those deposits that could be tapped with current technology. Future advances would likely boost the number further. Researchers in Denmark, Greenland, Canada, and Norway contributed data to the study.
According to project chief, Donald Gautier, “The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth.”
A geopolitical scramble for the resources is beginning. Russia has taken steps to secure rights to the region, last year sending a nuclear-powered ship to map a possible undersea connection between Siberia and the North Pole. This would allow the nation a rationale to circumvent the UN 200-mile limit of offshore resource claims.
Seven other nations have claims for the area, including Norway, Sweden, Canada, and the U.S. Earlier this month, Canadian Prime Minister Stephen Harper said the nation intends to “defend” its sovereignty in the Arctic, backing up the statement with a plan to divert 8 military patrol ships to the region, along with a new deep-water port.
http://thesenatorhillary.blogspot.com
Duration : 0:2:11
The head of the Organisation of the Petroleum Exporting Countries (Opec) has said that the organisation must order a “substantial” cut in oil production when the group meets in Vienna next week.
Inside Story asks who is responsible for the drop in oil prices and if it is related to the current financial crisis.
Duration : 0:11:33
One commenter suggested that world crude oil production was NOT an indicator for peak oil. The suggestion was that oil producers were holding back production to drive up price and that price was the driver behind production. But a graph of oil price v production does not offer us a correlation.
Another commenter suggested that Saudi Arabia had recently announced their intention to increase production even though price was low. Saudi Arabia has repeatedly indicated that it would increase production IF there was sufficient demand. In 2008 with prices at all-time highs, they did not increase production significantly and with oil prices again nearing $80 they are at a 5-year low in production.
The Saudis indicate that they will increase production to 14.5 Mbpd, but their peak production was 11.1 Mbpd in 2005. Every indication is that the only way to increase production is to sell sour oil.
OPEC has announced that they will increase production IF price goes over $100. I’m imagining that $100 will come and go without any significant increase in production.
Duration : 0:2:32
Four leading petroleum industry experts discuss the major production challenges posed by peak oil. While new fields are being discovered, the steady pace of depletion, a growing world population, and diminished investment in new exploration and production point to a constrained world oil supply in the next few years. This video features Sadad al-Husseini, Jeremy Gilbert, Jeremy Leggett, and Chris Skrebowski.
Duration : 0:7:2
Hitting “peak oil” (and then riding it all the way down) is going to be the major event in our lives. It’s going to change everything about the way we do everything, and has the potential to completely decimate what we have come to know as “civilization”.
Duration : 0:8:16