Middle East oil exporters are locked in an increasingly fierce battle for the world’s fastest-growing markets in Asia, as producers worldwide ship more crude east to compensate for shrinking demand from the United States and Europe.
The fight for the trillion-dollar Asian oil market has ended decades of comfortable dominance for Middle East producers, who faced so little competition that refiners in Asia complained of being charged a premium of a dollar or so per barrel above what buyers in Europe or the Americas paid.
The price of West Texas Intermediate has risen almost $10 a barrel since the start of September, and briefly bumped back above $100 a barrel this week. Here's why I think that development may not be as worrisome for the U.S. economy as it might sound.
From my editorial for McClatchy News, out for national distribution this weekend: Canada's vast oil sands hold an estimated 174 billion barrels of recoverable oil, second in the world only to Saudi Arabia's reserves.
Fossil fuels’ dominance will remain unchallenged for at least the next four decades even if countries pursue environment policies, according to a new report by the World Energy Council.
Tectonic shifts are taking place with China replacing the United States as the world’s leading crude importer, even as the U.S. reinvents itself as the world’s largest producer of oil liquids.
World oil production stagnated between 2005 and 2007, which given rapid growth in demand from emerging economies sent oil prices shooting up. Some observers suggested that production might never rise much above the levels seen in 2005. Among those who raised this possibility, two of the more thoughtful have changed their mind.
Iranian Deputy Oil Minister Javad Owji told reporters in Tehran, "Seven international investors have announced their readiness to finance, design, and construct the pipeline that will transport 110 million cubic meters of Iranian natural gas to Iraq, Syria, and European countries per day."Owji added that talks are underway to begin construction of the multi-billion-dollar project by March 2012, Mehr News Agency reported.