An explosion tore through Venezuela's biggest oil refinery on Saturday, killing at least 24 people, wounding more than 80 others and halting operations at the huge facility.
Showing posts with label Venezuela. Show all posts
Showing posts with label Venezuela. Show all posts
Monday, August 27, 2012
Friday, April 13, 2012
What is OPEC's oil output? Depends who you ask
LONDON: OPEC's crude oil production numbers are not easy to come by. Ask OPEC itself, and you will now get two answers.
Wednesday, January 19, 2011
Rosier Outlook for U.S. Energy Security, But China Should Worry
The debate about the dependence of the U.S. on energy imports from unfriendly regions like Venezuela or the Middle East seems to have a certain fatalism these days. The natural assumption is that the problem is intractable and destined to get worse.
However, 20-year projections from U.K. energy giant BP make surprisingly optimistic reading for American energy worriers. BP’s well respected economists predict that U.S. dependency on foreign oil and gas has already peaked and will have declined substantially by 2030.
In their view, it’s China that should be fretting. If BP is correct, Asia’s economic powerhouse could be importing 80% of its oil and 40% of its natural gas within 20 years, a much more parlous position than the country is currently in.
According to BP’s long-term internal projections, released to the public for the first time Wednesday, U.S. oil and gas import dependency peaked in 2005 and is set to steadily decline over the next two decades. By 2030, it will be importing around half its oil, down from 60% currently, and will be entirely self sufficient in natural gas, BP says.
“Import dependency in the U.S. is likely to fall to levels not seen since the 1990s because of improved fuel efficiency and the increased share of biofuels,” said BP’s report.
The internal combustion engine will remain dominant, but U.S. road fuel consumption should decline steadily, as car manufacturers make incremental efficiency improvements and consumers choose smaller vehicles, said BP’s Chief Economist Christof Ruehl.
At the same time biofuels production, mostly corn or sugarcane ethanol produced in the U.S. and Brazil, is expected to more than quadruple to 6.7 million barrels a day by 2030. “For the first time, non-fossil fuels will be major sources of supply growth,” said Ruehl.
BP expects the shale gas revolution that has already transformed the U.S. natural gas market to continue apace. By 2020, U.S. natural gas imports could fall close to zero and by 2030 the country may well be shipping cargoes of liquefied natural gas elsewhere, Ruehl said.
In contrast, China, which imported 54% of its oil and 13% of its gas in 2010, will see import dependency soar. By 2030, BP projects that the country will import 80% of its oil and 40% of its gas. Ten years ago, China was importing just 25% of its oil and no natural gas, so this will be a jarring transformation.
These figures go a long way to explain why state-controlled Chinese companies are on a multi-billion dollar spending spree, snapping up foreign companies in every corner of the world so it can exert greater influence on the international oil and gas flows on which it will be so dependent.
But these acquisitions can only go so far. Even assuming, as BP does, that China’s economic growth becomes far less energy intensive after 2020, the country still faces a big energy problem.
“The scale of China’s energy requirements is such that it has an impact on global energy markets, and prices. Energy prices (or supplies) could indeed become a temporary constraint on growth,” said BP.
For the U.S., this data is perhaps one small sign that predictions of the country’s inexorable slide against an unstoppable China are premature.
Source: http://blogs.wsj.com
However, 20-year projections from U.K. energy giant BP make surprisingly optimistic reading for American energy worriers. BP’s well respected economists predict that U.S. dependency on foreign oil and gas has already peaked and will have declined substantially by 2030.
In their view, it’s China that should be fretting. If BP is correct, Asia’s economic powerhouse could be importing 80% of its oil and 40% of its natural gas within 20 years, a much more parlous position than the country is currently in.
According to BP’s long-term internal projections, released to the public for the first time Wednesday, U.S. oil and gas import dependency peaked in 2005 and is set to steadily decline over the next two decades. By 2030, it will be importing around half its oil, down from 60% currently, and will be entirely self sufficient in natural gas, BP says.
“Import dependency in the U.S. is likely to fall to levels not seen since the 1990s because of improved fuel efficiency and the increased share of biofuels,” said BP’s report.
The internal combustion engine will remain dominant, but U.S. road fuel consumption should decline steadily, as car manufacturers make incremental efficiency improvements and consumers choose smaller vehicles, said BP’s Chief Economist Christof Ruehl.
At the same time biofuels production, mostly corn or sugarcane ethanol produced in the U.S. and Brazil, is expected to more than quadruple to 6.7 million barrels a day by 2030. “For the first time, non-fossil fuels will be major sources of supply growth,” said Ruehl.
BP expects the shale gas revolution that has already transformed the U.S. natural gas market to continue apace. By 2020, U.S. natural gas imports could fall close to zero and by 2030 the country may well be shipping cargoes of liquefied natural gas elsewhere, Ruehl said.
In contrast, China, which imported 54% of its oil and 13% of its gas in 2010, will see import dependency soar. By 2030, BP projects that the country will import 80% of its oil and 40% of its gas. Ten years ago, China was importing just 25% of its oil and no natural gas, so this will be a jarring transformation.
These figures go a long way to explain why state-controlled Chinese companies are on a multi-billion dollar spending spree, snapping up foreign companies in every corner of the world so it can exert greater influence on the international oil and gas flows on which it will be so dependent.
But these acquisitions can only go so far. Even assuming, as BP does, that China’s economic growth becomes far less energy intensive after 2020, the country still faces a big energy problem.
“The scale of China’s energy requirements is such that it has an impact on global energy markets, and prices. Energy prices (or supplies) could indeed become a temporary constraint on growth,” said BP.
For the U.S., this data is perhaps one small sign that predictions of the country’s inexorable slide against an unstoppable China are premature.
Source: http://blogs.wsj.com
Monday, January 17, 2011
Opec unlikely to boost oil output despite soaring price
The Opec oil producers' group has signalled that it is unlikely to boost output, despite the price of crude nearing $100 a barrel.
The United Arab Emirates' oil minister said he was not concerned about $100 oil, echoing comments from other Opec members Iran, Venezuela and Algeria.
"There is no shortage of oil, the market is well supplied," said Mohammed bin Dhaen al-Hamli.
But the International Energy Agency said oil's price rise was "alarming".
There was speculation that the members of Opec, which accounts for more than 40% of global oil output, might hold an emergency meeting soon to discuss the rapid increase in the price of crude.
However, with several Opec members appearing to be at ease with the price rise, a meeting looks increasingly unlikely.
Although the higher price earns Opec members greater revenues, the organisation is also aware that it could choke off global economic recovery. An output increase would help to cool prices.
Brent crude was trading at almost $98 a barrel on Monday, nearing a 27-month high.
Nobuo Tanaka, head of the International Energy Agency, an adviser to 28 industrialised countries, said the "alarming" rise in the oil price would be damaging.
"We are concerned about the speed of the rising oil price, which can harm the growth of economies. If the current price continues, it will have a negative impact," Mr Tanaka said.
But Venezuela's Energy Minister, Rafael Ramirez, described the price of $100 a barrel as "fair value".
He told the Reuters news agency: "We don't think [the price rise] impedes the recovery of the global economy. Venezuela does not consider that an extraordinary or emergency Opec meeting is necessary."
Source: http://www.bbc.co.uk
The United Arab Emirates' oil minister said he was not concerned about $100 oil, echoing comments from other Opec members Iran, Venezuela and Algeria.
"There is no shortage of oil, the market is well supplied," said Mohammed bin Dhaen al-Hamli.
But the International Energy Agency said oil's price rise was "alarming".
There was speculation that the members of Opec, which accounts for more than 40% of global oil output, might hold an emergency meeting soon to discuss the rapid increase in the price of crude.
However, with several Opec members appearing to be at ease with the price rise, a meeting looks increasingly unlikely.
Although the higher price earns Opec members greater revenues, the organisation is also aware that it could choke off global economic recovery. An output increase would help to cool prices.
Brent crude was trading at almost $98 a barrel on Monday, nearing a 27-month high.
Nobuo Tanaka, head of the International Energy Agency, an adviser to 28 industrialised countries, said the "alarming" rise in the oil price would be damaging.
"We are concerned about the speed of the rising oil price, which can harm the growth of economies. If the current price continues, it will have a negative impact," Mr Tanaka said.
But Venezuela's Energy Minister, Rafael Ramirez, described the price of $100 a barrel as "fair value".
He told the Reuters news agency: "We don't think [the price rise] impedes the recovery of the global economy. Venezuela does not consider that an extraordinary or emergency Opec meeting is necessary."
Source: http://www.bbc.co.uk
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