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Global Oil Reserves Tapped in Effort to Cut Cost at Pump
The United States will lead an international effort to release 60 million barrels of petroleum reserves to world markets, replacing some of the oil production lost because of the conflict in Libya, the International Energy Agency announced in Paris on Thursday.
The action is aimed at reducing energy prices for businesses and consumers, and in early trading futures contracts for West Texas intermediate crude oil were down $4.50 a barrel to around $91.
The United States will release half of the total amount from the Strategic Petroleum Reserve, with the rest of the oil to be provided by other nations among the international agency’s 28 member states. Negotiations for the coordinated response have been going on in secret for weeks, according to a person involved in the talks. Similar unified action was Read more…
China warns neighbors: Stop oil search in Spratlys
AP – Chinese Ambassador to the Philippines Liu Jianchao gestures during a news conference at the Ambassador’s … MANILA, Philippines – China warned Asian neighbors Thursday to stop searching for oil near the Spratly Islands and vowed to assert its sovereignty over the potentially petroleum-rich territory in the South China Sea that several nations claim.
China and the Philippines have swapped diplomatic protests over the islands, with Filipino officials accusing Chinese forces of intruding into Manila-claimed areas six times since February and of firing shots at least once. Beijing denied the allegation Thursday and said it would use violence only when attacked.
Vietnam, meanwhile, has accused China of flaring tensions in Read more…
Look who’s in line to replace Gadhafi
 Anjem Choudary |
British cleric Anjem Choudary says al-Qaida and the Muslim Brotherhood have assets on the ground in Libya and are ready to take control if Moammar Gadhafi is removed from power.
The top Muslim cleric accuses the U. S. and French-led coalition trying to topple Gadhafi of working to install a puppet regime, but he says there are al-Qaida operatives in Libya who will stop the West from installing a friendly government.
“Al-Qaida has their own agents and their own people in the region who are propagating their own Islamic ideas and their agenda. At the right time they will make the move, and we will see the emergence of Islam and Shariah in that particular region,” Choudary said.
“The power vacuum is very useful for anyone who has an agenda and an alternative Read more…
US could tap oil stockpiles as prices rise: Obama
WASHINGTON (AFP) – President Barack Obama on Friday said he had “tee-ed up” moves to tap emergency US oil stockpiles, as Middle East violence pushed up gas prices for hard-hit US consumers.
Trying to tamp down concern that oil prices will continue to rise on Middle East unrest, Obama said he was willing to make a rare move to open the strategic reserve, but not yet.
“We are going to try to do everything we can” to stabilize the market, Obama said.
“Everybody should know that should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the strategic petroleum reserve.”
With Americans struggling with Read more…
Details About India and China’s Plans to Stockpile Crude Oil
Energy expert Matt Badiali writes in DailyWealth that plans out of China and India to create strategic oil reserves of their own could put a floor under the price of oil for years to come:
China and India are faced with the same dilemma the U.S. faced in 1973. Neither country has enough petroleum to keep its citizens rolling for long. Both are exposed to a dangerous, economy-killing oil shock. And both are starting to build and fill strategic petroleum reserves of their own. They have no choice but to buy oil like crazy at these levels.
China has about 102 million barrels already in reserve. It plans to add another 168 million barrels of storage starting this year. It will finish its planned 500 million barrel reserve – equal to three months of imports – by 2020. To hit that mark, China will need about Read more…
China Approves Kuwaiti Refinery
BEIJING—China has given final approval to Kuwait to build an oil refinery in the south of the country in a joint venture with China Petroleum & Chemical Corp., a person with firsthand knowledge of the decision said Tuesday.
China, dependent on oil imports, has been making deals with major producers to process more crude domestically.
The $9 billion project between Kuwait Petroleum Corp. and Asia’s largest refiner by capacity, also known as Sinopec, has been under negotiation for more than five years. It includes a refinery with a capacity of 300,000 barrels a day in the city of Zhanjiang in Guangdong province and an ethylene plant with a capacity of a million tons a year, along with related utilities, jetties and oil pipelines, according to previous comments from government and company officials involved in the Read more…
WikiLeaks cables: Saudi Arabia is quickly running out of oil
US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%
The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.
The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to Read more…
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