I at least just learned today in following the oil summit that Nigeria is pumping oil at its lowest level in 25 years, following militant rebel attacks on facilities in recent days operated by Royal Dutch Shell PLC (RDSB) and Chevron Corp. (CVX), a senior Nigerian oil official said Sunday. Nigeria, which has in recent months been overtaken by Angola as Africa's biggest oil producer, is now estimated to be producing oil at between 1.2 million and 1.5 million barrels a day, the oil official told Dow Jones Newswires, the lowest level since around 1983. "Things are very bad now in Nigeria," he said on the sidelines of a major oil summit here between producers and consumers.The country's volume of marketable oil held back from such attacks is now between 900,000 and 1 million barrels a day, the official added. U.S. oil company Chevron Saturday became the second oil major in as many days to confirm that it has been forced to shut in production at a Nigerian oil production facility, after militants attacked a pipeline late Thursday. Nigeria's Oil Minister Odein Ajumogobia conceded Friday that the country's oil sector had received a beating from a spate of militant attacks, adding that a peace summit in July would help quell unrest.
Nigerian President Umaru Yar'Adua called the summit and is expected to include representatives of several militant groups. "We've had some unfortunate incidents but we're hopeful that things will improve with dialogue and the Peace Summit," Ajumogobia told Dow Jones Newswires Friday. Among those incidents: Shell declared force majeure Friday on exports from its 225,000 barrels-a-day Bonga offshore crude oil field in Nigeria, after an attack by Nigeria's leading rebel group, the Movement for the Emancipation of the Niger Delta. OIL SUMMIT
Okay! Saudi Arabia will increase its daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday. The country's petroleum minister, Ali I. Al-Naimi, said that the increase will take place in July. It would be Saudi Arabia's highest production rate since 1981. Al-Naimi also said the government will invest in oil projects that would allow the nation to produce 12.5 million barrels per day by the end of the year. King Abdullah's remarks came at the end of the Jeddah energy summit, where he also called for OPEC to set aside $1 billion for a strategy to ease the oil price crisis. He said $500 million should be given to developing nations to help them get the energy they need.
King Abdullah said there are "many factors that made oil prices high." Along with increased demand, he also cited oil speculators and an increase in taxes in consumer nations. The pain of escalating oil prices - crude sold for more than $134 a barrel on Friday, double year-ago levels - have cascaded throughout the U.S. economy. U.S. Energy Secretary Samuel Bodman, attending the Saudi summit, attributed the record-high oil prices to lagging production. "BS" Since 2003, he said, global demand for oil has increased because of industry in China, India and the Middle East. But from 2005 to 2007, there was very little increase in supply.
British Prime Minister Gordon Brown and Chinese Vice President Xi Jinping both said during speeches at the summit Sunday that their countries need to find ways to bolster production of alternative forms of energy. "The high price in increases of oil has affected the international economy and has brought tension in the international community," Xi said. Earlier in the week, President Bush asked Congress to permit drilling for oil in deep water off America's coasts to combat rising oil and gas prices. "There is no excuse for delay," the president said Wednesday. Bush also renewed his request that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming. more from the oil summit
* Bush is a friggen idiot more drilling in the US will do nothing more than give oil company's more oil to sit on while doing nothing for us! but what the hell is wrong with OPEC? Why has no one spoken the real truth? The plain and simple facts? The real problem Bush? Why has Iraq's oil not been mentioned? 2003 come on! Why was it not entioned the effect Bush's war mongering has had on the pricve of oil and averything else in the world? Why is not not mentioned the effect Iran and Israel's cries for war has had on the price of oil? why has the world not been reminded that pre Bush oil was only $28 per Barrel? Saudi Arabia is doing more than their share and should be commended. They alone will nullify the effect if any that Nigeria has had on the market. However it will do nothing. There is no supply problem but there will be once Iran is attacked and this entire mes gets going and if you have been following my stories you know what comes next so I will try to lighten up today. Take care!
4 comments:
American Oil Companies want only to sit on their reserves. Maybe they're waiting on $200/barrel oil, maybe $300/barrel.
Their holdings have increased in value by around 400% since Bush took power. That's a pretty handsome return for doing absolutely NOTHING. I say, before you get more drilling rights, increase production on the rights we've already given you.
The oil/gas fiasco has turned into a mega-nightmare, and needs to be resolved. I know this is not a popular idea, but nationalization of the industry may be the only viable solution. I'm not speaking of confiscation, per se, but if there was ever a need for eminent domain, appropriation, expropriation, or whatever other term you want to use, this is it. It is for the well-being of American Society-at-large. Oil is no longer a luxury in America, it is a necessity.
The 5th Amendment justifies this, and also comes with instructions for just compensation.
We may be of the opinion that government can't manage anything successfully, but at least there would be 'fighting chance', which we lack when dealing with greedy, arrogant corporatists. At least with government control, society would see SOME benefits.
This would also put alternative energy development on the fast-track, because the greed of the corporatists would come into full swing.
It amazes me that Americans think Socialism is such a nasty word, yet embrace the Fascism we are morphing into.
This is the result of our 'dumbing-down' in education. Oh sure, we have the highest rate of college-educated citizens, but the education is limited to the things those in power want us to learn. Gone, is the teaching of independent thinking and the logic that comes with it. Gone, is the teaching of 'when all profit, society advances'. It has been replaced with 'I'll get mine, and screw everbody else'.
Perhaps the most intelligent of all, are those isolated tribes in the rain forests. They have survived for millenia taking care of each other, and caring about their societies. They know nothing of greed and lust. When the hunting party returns with meat, it is shared by all. Can you ever picture that happening in America?
LOL Word verification was 'ARKGHHH'. How apropos!
Brother
That is something when you put it that way. It keeps being brought up by the dems in Congress the4 amount of drilled wells and oil the oil company's are sitting while they cry oil poor saying they have to destroy ANWR and drill more off shore. Yeah that's safe my ass! Biden was arguing today with I forget who but every time he mentioned that 73% of the wells already drilled are capped and contain 54 billion barrels the blond Republican I can't stand from the south whose name I can't quite remember just kept smirking ignoring it and changing the subject to more drilling.
I don't see anything wrong with socialism or anything that works for any society. Whatever works for them. I think nationalizing the entire oil industry would be great if we could find some honest independent managers to operate it.
The Politicians have proven to be as corrupt or more so than big oil. They would probably screw us even more. Nothing will bring the price down. More oil too much oil not enough oil a glut, anything and everything will be used as an excuse to keep raising the price. Just wait until Iran is attacked and this entire mess really gets going.
You know, what we are seeing as we witness the end of the life cycle of our society is what happened to the Romans and everyone else. Instead of trying to save it those who can feast on it and steal what they can before they move on. Bush has sped our process up and we are bringing the world down with us!AAARRRGGGHHH! Take care! By the way I loved that lion video and passed it on!
They didn't mention this war drove prices up, nor did they mention how the Exxon's and their ilk are driving prices up, and they didn't mention this is part of Bush's plan to shove in the New World Order by driving Americans and the world into total bankruptcy and oblivion.
Funny this one day "summit" didn't mention these things.
Larry
It drives me shit house. None of them had the balls to mentioned this is all because of Bush period. No one asked about the 54 Billion barrels already drilled in America that the oil companies are sitting on until the price is madly driven up and everyone else runs out.
That summit only served to make the oil producers try to carry Bush's mess while he finishes making it worse so he can finish implementing his one world economy with a new currency after Bankrupting this one and a one world Government with they "think" the US in charge!
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