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The 10 Countries With The Most Dwindling Oil Production
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by snuffysmith | December 21, 2009 at 06:07 pm
337 views | 4 Recommendations | 7 comments
Global oil production saw a 0.4% increase in 2008, according to the 2009 BP Statistical Review of World Energy.
But while the overall industry saw a rise in production, several countries saw oil production sink considerably.
As the threat of Peak Oil continues to rise, the areas of the world that are running low are increasingly in danger of seeing their bubble get burst.
We've compiled a list, based on the data released by BP, of the ten countries at the bottom of the barrel.
Check out the 10 Countries With The Most Dwindling Oil Production >
One begins to understand the role Iraqi oil is going to be playing in the future.
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Most RecentMost Recommended Comments (7)
at 18:09 on December 21st, 2009
Neocons Must Be Pissed; China and Russia Are Getting the Sweet Oil Deals in Iraq
Pepe Escobar, Asia Times
World: Cheney and Rumsfeld's script was never supposed to develop like this. Instead of US Big Oil getting the lion's share in Iraq, its top competitors turned out to be big winners.
http://www.alternet.org/world/144639/neoco...l_deals_in_iraq
at 18:41 on December 21st, 2009
Did America Lose Out on Iraq's Oil?from RealClearWorld: World News, Analysis & Commentary Donald Snow, Atlantic Council
The announcement last week that the Iraqi government had awarded foreign contracts for the exploitation of a number of its oil fields created a remarkably mild, one-day reaction in the popular press. The gist of the awards, of course, was that virtually everybody, from the Russians and Chinese to the Malaysians and Angolans, were given contracts on one field or another, while American companies were essentially left holding the bag, with participation in a couple of relatively minor deals. This is not how this aspect of the Iraq war was supposed to work out,
at 04:20 on December 22nd, 2009
"Crude oil will hit $150 a barrel"this is a very realistic prediction for 2010. What will be the alternative? In today’s world of “green energy” and global warming scares, coal is out. However with a couple of centuries worth of coal - and natural gas- buried underground, that all is going to change. In a next political campaign with even more environmental hype, coal will come back into the daily environment and be exploited to make green synthetic diesel fuel for transportation, once nuclear energy is accepted as a must. No need anymore to buy fossil fuel in Iraq or the middle east, money that is used to support terrorists. Hope this wake-up call is being understood soon.
at 10:04 on December 22nd, 2009
OPEC: Steady On Supply Cuts
Satisfied with the current price of oil, cartel members want to focus on
maintaining previous output curbs.
http://www.forbes.com/2009/12/22/opec-output-hold-markets-commodities-oil-prices.html?partner=alerts
at 16:32 on December 22nd, 2009
Iraq Doubling Its Oil Supply To China
Iraq will more than double oil supplies to China next year, to over 300,000 barrels per day, Reuters reports.
That figure is roughly 30% of the total contractual amount that China agreed to take from Saudi Arabia, the country's primary supplier, and 14% of the 2.1 million barrels per day that Iraq plans to export in 2010.
Saudi oil production cuts are partially responsible for the planned increase from Iraq next year.
China's average daily imports of approximately 144,000 barrels per day this year has almost tripled over the past 11 months. The country has seen the fastest fuel demand growth in the world in 2009.
The four Chinese firms taking in Iraqi crude are Unipec, Chinaoil, Sinochem, and Zhenhua Oil. China's premier energy group, CNPC, won contracts earlier this month to develop two Iraqi oil fields: Rumaila, in consortium with BP, and Halfaya, tied to Total and Malaysia's Petronas.
http://www.businessinsider.com/iraq-...=Google+Reader
at 16:40 on December 22nd, 2009
CIBC Analyst Rubin: OPEC Doesn't Have Enough Oil To Feed Us Anymore
at 16:41 on December 22nd, 2009
Falling Oil Demand Terrifies OPEC, Spurring It To Restrict Production
Falling oil demand from the world's developed nations (OECD nations) has terrified the Organization of Petroleum Exporting Countries (OPEC). They've just maintained previous oil production restrictions.
FTAlphaville: The Organisation of Petroleum Exporting Countries meeting in Luanda, Angola, agreed on Tuesday to leave oil output curbs unchanged, while calling for greater compliance with existing output targets.
OPEC: The Conference observed with great concern that, whilst the worst of the recession appears to be over, the world economy remains confronted with the deepest, most wide-spread contraction since the 1940’s. For the first time since the early 1980’s, world oil demand has declined for the second, successive year.
This chart, via FTAlphaville, shows exactly what keeps OPEC up at night. One benefit of the past crisis and high oil prices is that the developing world has beeen spurred to use oil more efficiently and seek alternative forms of energy.
Meanwhile, OPEC's only hope is this chart below. Which makes it clear why OPEC attended the recent Copenhagen conference. Emissions control for developing nations could destroy oil demand's final growth driver.
Leadership Nigeria: According to Algeria's Minister of Mines and Energy, Chakib Khelil, the carbon taxes discriminate against energy producing countries. Khelil said that the cartel was united in opposing the taxes.
He said carbon taxes would cut into the revenues of energy producers and make energy imports more expensive for developing countries.
...
"The producers will be penalised. "This tax is discriminatory with regard to gas and oil and is not in the interests of producing countries and is also not in the interest of developing countries," said Khelil, a former OPEC president.