Tag: Saudi Aramco

Kiran Stacey

Update: I’ll leave the blog below in tact, but really I should point out that the reason the oil price hasn’t moved is that the person quoted in the Wikileaked cable, Sadad al Husseini, is a well-known peak oil theorist who has said this in public many times before.

This morning’s story in the Guardian that US diplomats believed Saudi Arabia to have overstated their oil reserves should ring alarm bells around the energy world.

Every time there is a debate about whether Opec should raise production to lower oil prices, many commentators argue it is irrelevant: that the Middle East doesn’t have as much oil as it says and that it can’t raise production enough to bring prices down.

If this is true, it has serious consequences for the oil price. If Opec doesn’t have the slack to up production and bring prices down, they will have a lot further to go above the $100 barrier.

Kiran Stacey

Traditional integrated, multi-national oil companies are increasingly worried about the way in which nationalised (or part-nationalised) rivals are encroaching onto their natural territory.

One example is the way in which national oil companies (NOCs) are beginning to take an interest in upstream activities, and acquiring the kinds of technical expertise they used to rely on internationals (IOCs) to provide. Now we also know that the NOCs are outstripping the IOCs in capital spending, thanks to a new piece of research from Evaluate Energy.

According to the report, which surveyed over 50 NOCs and the top seven major IOCs, capital spending by NOCs has grown by 131 per cent from 2005 to 2009, while that by the IOCs has increased only 59 per cent in that time.

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