Daily Archives: October 16, 2009

Ed Crooks

On Energy Source:

Brazil could cap its emissions at 2005 levels

Does Russia have an “unsustainable” energy industry?

Oil breaks through $78

Elsewhere:

Eni and Repsol confirm Venezuela’s largest-ever gas discovery (AP)

Fighting climate change by stopping gas leaks (NY Times)

A former Saudi Aramco geologist discusses the country’s oil production outlook (The Oil Drum)

Reactions to the Saudi plea for compensation if there is a climate deal at Copenhagen, mostly derisive (The Atlantic Wire)

Halliburton’s profits drop, but the company is hopeful that the downturn will be relatively shallow, and short (Houston Chronicle)

Maldives ministers rehearse their underwater cabinet meeting (AFP)

Ed Crooks

Brazil could cap its carbon dioxide emissions, limiting them to 2005 levels, the country’s environment minister said this week. His comments suggest that Brazil, one of the most important emerging economies, could be going to the Copenhagen talks in December with a serious commitment to put on the table.

That is particularly significant because, until now, Brazil has been reluctant to offer emissions cuts, preferring to talk about preventing deforestation. For the administration of president Luiz Inacio Lula da Silva, and indeed for much of the Brazilian public, environmental issues have come a poor third to questions of social and economic development.

Ed Crooks

David Clark, a former special adviser to the UK government, now chair of the Russia Foundation, has a comment article on the FT website about what he calls “Russia’s unsustainable energy model”.

On Monday, Russia’s provisional application of the Energy Charter Treaty will come to an end. Russia signed the ECT in 1994 but never ratified it, and in July prime minister Vladimir Putin issued a decree announcing the country’s decision to pull out.

Mr Clark argues that ultimately this could prove to be a damaging move for Russia.

US crude oil pushed above the $78 a barrel mark on Friday, reaching a fresh 2009 peak.

Nymex November West Texas Intermediate reached $78.17 a barrel before easing back to trade at $77.46.

ICE December Brent lost 30 cents at $75.94 a barrel.

James Fontanella-Khan

Climate deal hopes boosted
Rich countries have dropped long-standing demands (FT)

Nigerian rebel group MEND says it resumes hostilities
Attacks have cut Nigeria’s oil exports by more than 20% since 2006 (Bloomberg)

Ghana in negotiations to buy Kosmos
GNPC is soliciting offers from foreign oil companies to develop oil field (FT)

Imperial CEO says refining business has worsened
Says refining “marginally worse” than in Q2 (Reuters)

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