AubreyJ’s Energy Update Report
Iraq to Overtake Iran as OPEC’s Second
Biggest Producer
Wednesday, June 13, 2012
Image credit
Chesapeake
.
* Reuters
brings us the following report and it starts off like this… Iraq’s
rise is upsetting OPEC’s power balance. For the last decade, the oil cartel has
let the Gulf country produce crude without an output quota. The exemption
allowed Iraq the freedom to invest in its war-damaged oil industry. That
reconstruction is picking up pace - production
is now higher than before the U.S.-led invasion in 2003. Iraq is set to
overtake Iran as OPEC’s second biggest producer. The rapid increase in
output is an urgent challenge for OPEC’s oil ministers who are meeting this
week in Vienna….
Read the
rest at link below…
.
* Also from Reuters
is this report and it goes in part like this… A
mutual need for oil above $110 a barrel to balance their budgets is expected to
prompt Iran and Iraq to call for Saudi Arabia, pumping its highest in decades,
to cut back when producers meet in Vienna on Thursday…
Oil has fallen $30 since March to below $100 as oil stocks build and the
economy wobbles. That falls short of the $100-$120 range that Iraqi Oil
Minister and current OPEC President Abdul Kareem Luaibi says is reasonable...
Read this
report in full at link below…
...
Meanwhile, back to the States and my main love
-- Natural Gas!
.
Here’s a
fun question for ya:
Just how much Shale Gas is there in the U.S.?
Would you
believe…?
• Enough natural gas to meet US electricity demands for
575
years.
• Enough to fuel U.S. homes heated by natural gas for 857 years.
• MORE Natural Gas than Russia, Iran, Qatar, Saudi Arabia, and Turkmenistan… COMBINEED!
• Enough to fuel U.S. homes heated by natural gas for 857 years.
• MORE Natural Gas than Russia, Iran, Qatar, Saudi Arabia, and Turkmenistan… COMBINEED!
USA, USA, USA!!!
.
* Gary
Hunt wrote the following, in part,
back on Feb. 15th… Low energy prices also bring energy security as
long as reliable supply is sustained reducing American dependence on imported
oil and natural gas from the Middle East and reducing the volatility of oil
prices as demand is distributed across wider global supply opportunities from
shale. Low energy prices especially in
oil undermine the economies of OPEC member states and reduce their geopolitical
and global economic leverage. This can lead to a change in US foreign policy
priorities away from the Middle East…
Read the full
report at link below…
.
* Steve Levine
wrote this article back on May
31st and it starts off like this… One of the most consequential
energy decisions on the Obama Administration's plate isn't one typically
discussed in the election-year hot house -- whether to expand drilling, allow
the expansion of a pipeline for Canadian oil sands, or to throw clean-tech entrepreneurs
to the sharks… It is whether to more
fully open the floodgates of the U.S. natural gas boom on the world by
permitting greater exports of shale gas. The appearance of large volumes of
U.S. shale gas on the global market could rattle geostrategy and markets from
Russia, to Europe, China and the Middle East… Shale gas drillers -- saddled
with a glut of gas, and fire-sale prices -- are pushing hard for permission to
build liquefied natural gas terminals and export some of their supply, perhaps
60 billion cubic meters a year, especially to Asia…
Read the
rest at link below…
.
* Forbes.com reports…
……….……….
AubreyJ………
ROMNEY2012
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