Tag: Wikileaks

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

Yesterday Desire Petroleum’s shares jumped more than a quarter, which can only mean one thing: oil in the Falklands.

As The Times reported (£):

In an announcement that could exacerbate tensions over the islands’ sovereignty with Argentina, Desire said that its offshore Rachel North well had been drilled to a depth of more than 3 kilometres and discovered a 57-metre thick belt of oil interspersed with layers of sand and shale.

Energy Source is no longer updated but it remains open as an archive.

Insight into the financial, economic and policy aspects of energy and the environment.

Read our farewell note

About the blog

Archive

« AugApril 2014
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930