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Printable versionWelcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.
The ghost of Corporal Jones stalked the land this week, as Britain braced for the two-day strike at Grangemouth refinery in Scotland. ‘Don’t panic! Don’t panic!’ went the cry from everybody from Business Secretary John Hutton to the AA, as petrol stations started to run dry north of the border - evoking memories of the fuel protests that brought the country to a standstill back in 2000.
But there is plenty to worry about. Although the strike is only set for Sunday and Monday, management had already ordered a shutdown on safety grounds, and this has forced the closure of the Forties Pipeline System which lands 700,000 barrels per day. This in turn could halt production at up to 70 North Sea platforms, affecting not just oil but also gas. Meanwhile it could take up to a month to return the refinery to full capacity. This week’s commentary from John Hall Associates explains the background.
It was just one more bull factor that pushed the oil price to yet another record high of $119.90 this week. Others included more attacks in the Niger delta, soaring demand in the Middle East, and perhaps even the growing backlash against biofuels.
But the big news of the week is the announcement that Saudi Arabia has shelved plans to expand production capacity beyond 12.5 mb/d by 2009. Oil Minister Ali al-Naimi justified the decision on the basis that there would not be the demand (arguable), and King Abdullah has recently declared that his country should save some oil for future generations (entirely sensible), but even the moderately skeptical will take this as further evidence that Saudi Arabia is struggling. The announcement has all the more impact coming just one week after the news that Russia has peaked – according to one Lukoil executive – and that advisors to the Nigerian government believe that country’s output will fall by a third by 2015. No wonder that both the IEA and OPEC said the price is heading higher.
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Oil
Strike could close key Grangemouth oil refinery for a month
Guest Commentary: John Hall Associates - April 24th, 2008
North Sea oil pipeline set to close ahead of strike
Shell Nigeria's Bonny Crude Output Cut After Attack
Middle East energy demand soaring, matching China
Saudis put oil capacity rise on hold
Nothing stopping oil prices from rising: IEA
Oil prices to head even higher says Opec chief
Lehman warns that oil boom will deflate
Gas
Indian oil minister visits Pakistan for talks on Iran pipeline
India's Petronet braces for fierce battle over Australian LNG
Regal in talks over Ukraine gas fields sale
Coal
Europe Turns to Coal Again, Raising Alarms on Climate
Falling Polish coal output raises energy security fears
Electricity
S Africa power crisis forces Lonmin to lower forecast
Ofgem inquiry into alleged mis-selling of contracts by npower
China sees 2008 power shortfall at 10 GW
Nuclear
German utility prepares to build two nuclear power stations in UK
Renewables
Green v green
Scottish government rejects plans for Lewis wind farm
Banks meet over £40bn plan to harness power of Congo river and double Africa's electricity
Biofuels
Biofuels starving our people, leaders tell UN
EU set to scrap biofuels target amid fears of food crisis
Food
Food crisis — but it's no surprise
Era of cheap food ends as prices surge
Soil Association accused of harming African farmers
Climate
EU, Japan in climate change call
Business
Russia claims £130m taxes from BP venture
Russia looks at all options to invest its oil billions abroad
Transport
European airlines face squeeze on profit
Berlusconi hit by first crisis as Alitalia faces bankruptcy
Sky-high fuel hurts US airlines
Fuel fears rattle Arriva shares
Green future in sight for London's black cabs
~~~~~~~~~~~~~~~ Editorial Notes ~~~~~~~~~~~~~~~~~~~
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Published on 28 Apr 2008 by Oil Depletion Analysis Centre. Archived on 28 Apr 2008. ODAC Newsletterby Staff |
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