LONDON, Oct 23 (Reuters) – On Oct. 20, 1973, King Faisal of
Saudi Arabia imposed a total embargo on oil shipments to the
United States among other countries in response to their support
for Israel during the Arab-Israeli war.
Faisal’s decision led directly to the introduction of a ban
on U.S. crude exports, which remains in force in a slightly
modified form and is now the focus of an intense struggle for
LONDON, Oct 21 (Reuters) – Lifting restrictions on U.S.
crude oil exports could actually lower fuel prices for U.S.
motorists and other consumers by contributing to a drop in world
oil prices, according to a report from an influential
congressional watchdog released on Monday.
The Government Accountability Office (GAO) also recommended
that the U.S. Department of Energy review the size of the
Strategic Petroleum Reserve (SPR) to ensure it remains
appropriate as net oil imports fall.
LONDON, Oct 17 (Reuters) – “A price increase is not a supply
crisis and not a justification for intervening in the market
under the pretext of security of supply,” the European
Commission warned member states on Thursday as it outlined how
markets would be effected if gas deliveries are cut this winter
as a result of the dispute between Russia and Ukraine.
Gas prices could double as a result of a shutdown in transit
shipments, according to the International Energy Agency, but the
European Commission insists they must be allowed to rise to
promote fuel switching and reduce non-essential demand as well
as attract additional LNG cargoes to replace lost supplies from
LONDON, Oct 16 (Reuters) – How far do oil prices need to
fall to curb the investment in shale production and stem the
destruction of demand?
As the price of benchmark Brent has plummeted almost 30
percent from $114 per barrel in June to just $83 this week,
stunned producers and traders have been left trying to predict
how much further prices will fall before finding some sort of
LONDON, Oct 15 (Reuters) – There is nothing remotely
surprising about the sharp fall in oil prices over the last four
months, except perhaps the timing.
The fundamental forces driving prices lower (rising supply
outside OPEC from shale and sluggish demand growth as result of
conservation and substitution) have been clearly visible for at
least two years.
LONDON, Oct 14 (Reuters) – “I cannot forecast to you the
action of Russia. It is a riddle wrapped in a mystery inside an
enigma,” Winston Churchill told his listeners in a radio
broadcast in October 1939.
Much the same can be said about Saudi Arabia – one of the
most compulsively secretive countries in the world at the start
of the 21st century.
LONDON, Oct 10 (Reuters) – Oil producers are getting another
brutal reminder that theirs is a business characterised by long,
deep price cycles.
Benchmark Brent futures have dropped below $90 a
barrel, the lowest level since December 2010, but that actually
understates the extent of the damage.
LONDON, Oct 10 (Reuters) – “A rose by any other name would
smell as sweet,” William Shakespeare wrote in “Romeo and
Juliet”. But he was not working for the U.S. government and
trying to define what constitutes condensate and natural gas
A simple and workable definition might have baffled even the
undisputed master of the English language.
LONDON, Oct 7 (Reuters) – The United States imported more
than 7 million barrels per day of crude oil during the first
seven months of the year, despite the shale boom, according to
the U.S. Energy Information Administration (EIA).
Crude imports have fallen from a peak of almost 14 million
barrels per day in 2006, but they still account for almost half
the barrels processed by U.S. refineries.
LONDON, Oct 6 (Reuters) – SaskPower’s Boundary
Dam Unit #3, the first utility-scale power plant to be fitted
with carbon capture and storage (CCS), has produced a surge in
media interest since becoming operational this month.
But it also illustrates the formidable challenges that must
be overcome before CCS is ready to play a significant role in
the fight against climate change.