Month: October 2008

Despite the predictions that the Oct. 23 meeting would be contentious, OPEC decided in 90 minutes to cut its oil production by 1.5 million b/d and allocated the cuts among Continue Reading

Oil prices moved above $75 a barrel early last week as the markets anticipated a cut in OPEC production. By Wednesday, however, fears of a deepening recession, falling equities markets, Continue Reading

Hardly a day goes by without a report that investment in new oil production projects is being delayed, postponed or cancelled. A combination of falling oil prices, declining demand, the Continue Reading

This week’s price drop sets the stage for what may be the most pivotal OPEC meeting in years. If oil prices stay in the vicinity of Wednesday’s close, then OPEC Continue Reading

The week started with prices rising as the stock markets saw some improvement in inter-bank lending rates and the oil markets looked forward to an OPEC production cut on Friday. Continue Reading

So far it has been another week of violent price swings and falling markets as world governments dispersed countless billions in efforts to free up credit and shore up equity Continue Reading

Cuba announced there may be more than 20 billion barrels of recoverable oil in offshore fields in Cuba’s share of the Gulf of Mexico, more than twice the previous estimate. Continue Reading

All eyes will be focused on the OPEC meeting that takes place in Vienna this Friday. With prices falling another $10 last week, some form of cut seems inevitable. At Continue Reading

The multi-trillion dollar coordinated government bailout of the world’s banking system boosted equity and oil prices for less than two days before a three-day plunge sent oil to $68 a Continue Reading

Oil prices, and nearly everything else, were dominated by the course of the $700 billion liquidity bill through Congress last week. On Monday oil fell by a record $10 to Continue Reading

The effects of September’s hurricanes were still being felt across the southeast last week. While the refineries are nearly all back on line, 40 percent of the Gulf’s normal offshore Continue Reading

One of the key factors determining oil prices and global demand for oil over the next few years will be the course of China’s economy. Beijing continues to maintain that Continue Reading

As power shortages and blackouts due to poor monsoon rains and increased demand spread across India, the issue of using expensive, subsidized diesel to fuel generators for backup power is Continue Reading

Now that gasoline prices are receding, lack of credit to finance new car sales has become Detroit’s number one problem. In September, US auto sales reached a 15-year low with Continue Reading

(clips from recent Peak Oil News dailies are indicated by date and item #) Russia’s oil production fell for the ninth straight month, down 0.4 percent in September compared to Continue Reading