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.
LONDON, Oct 2 (Reuters) – In a milestone for the carbon
capture and storage (CCS) movement, SaskPower’s Boundary Dam
power plant began making pipeline deliveries of liquid carbon
dioxide (CO2) on Wednesday.
Boundary Dam Unit #3 is the first grid-scale coal-fired
power plant in the world to be retrofitted with a CCS system.
LONDON (Reuters) – The U.S. power industry survived its toughest test in years in January when lights and heaters stayed on even as the polar vortex swept over the country. But it was a close run thing, as regulators revealed in a new report published on Tuesday.
According to the North American Electric Reliability Corporation (NERC), power system operators “successfully maintained reliability” during the coldest winter temperatures since 1997 through a combination of training, preparation and emergency tools to manage generation and demand. (“Polar Vortex Review” Sep 30)
LONDON, Sept 30 (Reuters) – U.S. oil refiners have been
among the biggest beneficiaries of free trade in the last
decade, so it is ironic some continue to lobby hard to maintain
the protectionist ban on crude exports.
Domestic consumption of oil-based products fell by just over
2 million barrels per day (b/d) between 2005 and 2013, according
to the U.S. Energy Information Administration.
LONDON, Sept 29 (Reuters) – U.S. demand for petroleum
products has experienced an unprecedented and broad-based
decline over the last eight years as soaring oil prices have
forced consumers to become more efficient and seek cheaper
Consumption of oil-based products has fallen in every major
category – from gasoline, diesel and jet kerosene to heating
oil, fuel oil, petrochemical feedstock, petroleum coke and
asphalt, according to the U.S. Energy Information