David Seaton's Energy Links®

"The Stone Age came to an end not for a lack of stones and the oil age will end, but not for a lack of oil.'' 

Sheikh Ahmed Zaki Yamani


 

Table of Contents
Editorial
*Oil, Geopolitics, and the Coming War with Iran - TomDispatch
*Oil Dips Below $50 to Seven-Week Low - Reuters
*Venezuela Seeks to Change 32 Oil Contracts- Bloomberg
*Koizumi calls for dialogue on oil dispute - China Daily
*Oil guzzlers aim to work together - Financial Express - India
*Market forces have met their match in oil prices - The Boston Globe
*Message to investors: Lose the oil obsession - Chicago Sun Times


David Seaton's Energy Links® Editorial -  Bolton from the Blue The more I think about it the more I am puzzled by Bush’s nominating John Bolton as his ambassador to the United Nation. Puzzled and troubled by what I think it reveals Assuming that the president is hugely dissatisfied with the United Nations, wishes to reform it or even terminate it, why choose a person who can only be described as a bully and a loudmouth, a “kiss up and kick down” type? Is this productive? There are many ultra-conservative, ultra-nationalist diplomats, like Reagan’s UN ambassador, Jeanne Kirkpatrick, that are rock hard, but who are not threatening or insulting in their language and manner. Why this thug Bolton? Why now?  I can only come to the conclusion that the “media is the message,” that “what you see is what you get,” that Bolton’s nomination is a straightforward provocation. That Bush’s purpose is pure and simple intimidation. This is a show of aggressive, high testosterone, “in your face,” intimidation… Why?  Usually in the schoolyard and on the playing field this type of behavior is a mask for vulnerability, weakness or self-doubt. “Speak softly and carry a big stick,” was how Theodore Roosevelt described his preferred method of American diplomacy… The taciturn and polite man of action, only violent when under extreme provocation, has long been an American ideal of masculinity, a sort of Yankee Bushido. In Europe Bush is often described as a “cowboy” and I can only think that those who describe him thus have never seen many westerns. For with his cocky swagger and insulting smirk, the faux-Texan Bush certainly doesn’t come across as the tightlipped, polite, soft-spoken, quiet, but deadly, western hero on the Gary Cooper-John Wayne model.  I have come to the conclusion that Bush and his handlers are expecting some very rough sailing in the very near future. They certainly have every reason to do so with a falling dollar, rising China and growing debt, with a real estate bubble, a possible war with Iran or North Korea, with Latin American moving quickly to the left, who knows, maybe even a Chinese invasion of Taiwan… and always the Middle East… Oh yes, and Osama’s still on the loose… And all this with the US armed forces stretched to the breaking point. I can’t remember ever looking at so many possible catastrophes since the invention of television... As Yeats said, “things fall apart.” All over the world there was strong opposition to the invasion of Iraq, that opposition was focused on the United Nations; governments and elites everywhere still feel the bruises. Everyone would like to avoid another confrontation. What better way to gain precious moments when a crisis breaks than to install a “rottweiler” in the UN?  David Seaton


David Seaton's Energy Links®

Oil, Geopolitics, and the Coming War with Iran - TomDispatch
As the United States gears up for an attack on Iran, one thing is certain: the Bush administration will never mention oil as a reason for going to war. As in the case of Iraq, weapons of mass destruction (WMD) will be cited as the principal justification for an American assault. "We will not tolerate the construction of a nuclear weapon [by Iran]," is the way President Bush put it in a much-quoted 2003 statement. But just as the failure to discover illicit weapons in Iraq undermined the administration's use of WMD as the paramount reason for its invasion, so its claim that an attack on Iran would be justified because of its alleged nuclear potential should invite widespread skepticism. More important, any serious assessment of Iran's strategic importance to the United States should focus on its role in the global energy equation. Before proceeding further, let me state for the record that I do not claim oil is the sole driving force behind the Bush administration's apparent determination to destroy Iranian military capabilities. No doubt there are many national security professionals in Washington who are truly worried about Iran's nuclear program, just as there were many professionals who were genuinely worried about Iraqi weapons capabilities. I respect this. But no war is ever prompted by one factor alone, and it is evident from the public record that many considerations, including oil, played a role in the administration's decision to invade Iraq. Likewise, it is reasonable to assume that many factors -- again including oil -- are playing a role in the decision-making now underway over a possible assault on Iran. Just exactly how much weight the oil factor carries in the administration's decision-making is not something that we can determine with absolute assurance at this time, but given the importance energy has played in the careers and thinking of various high officials of this administration, and given Iran's immense resources, it would be ludicrous not to take the oil factor into account -- and yet you can rest assured that, as relations with Iran worsen, American media reports and analysis of the situation will generally steer a course well clear of the subject (as they did in the lead-up to the invasion of Iraq). One further caveat: When talking about oil's importance in American strategic thinking about Iran, it is important to go beyond the obvious question of Iran's potential role in satisfying our country's future energy requirements. Because Iran occupies a strategic location on the north side of the Persian Gulf, it is in a position to threaten oil fields in Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates, which together possess more than half of the world's known oil reserves. Iran also sits athwart the Strait of Hormuz, the narrow waterway through which, daily, 40% of the world's oil exports pass. In addition, Iran is becoming a major supplier of oil and natural gas to China, India, and Japan, thereby giving Tehran additional clout in world affairs. It is these geopolitical dimensions of energy, as much as Iran's potential to export significant quantities of oil to the United States, that undoubtedly govern the administration's strategic calculations. Having said this, let me proceed to an assessment of Iran's future energy potential. According to the most recent tally by Oil and Gas Journal, Iran houses the second-largest pool of untapped petroleum in the world, an estimated 125.8 billion barrels. Only Saudi Arabia, with an estimated 260 billion barrels, possesses more; Iraq, the third in line, has an estimated 115 billion barrels. With this much oil -- about one-tenth of the world's estimated total supply -- Iran is certain to play a key role in the global energy equation, no matter what else occurs. It is not, however, just sheer quantity that matters in Iran's case; no less important is its future productive capacity. Although Saudi Arabia possesses larger reserves, it is now producing oil at close to its maximum sustainable rate (about 10 million barrels per day). It will probably be unable to raise its output significantly over the next 20 years while global demand, pushed by significantly higher consumption in the United States, China, and India, is expected to rise by 50%. Iran, on the other hand, has considerable growth potential: it is now producing about 4 million barrels per day, but is thought to be capable of boosting its output by another 3 million barrels or so. Few, if any, other countries possess this potential, so Iran's importance as a producer, already significant, is bound to grow in the years ahead. And it is not just oil that Iran possesses in great abundance, but also natural gas. According to Oil and Gas Journal, Iran has an estimated 940 trillion cubic feet of gas, or approximately 16% of total world reserves. (Only Russia, with 1,680 trillion cubic feet, has a larger supply.) As it takes approximately 6,000 cubic feet of gas to equal the energy content of 1 barrel of oil, Iran's gas reserves represent the equivalent of about 155 billion barrels of oil. This, in turn, means that its combined hydrocarbon reserves are the equivalent of some 280 billion barrels of oil, just slightly behind Saudi Arabia's combined supply. At present, Iran is producing only a small share of its gas reserves, about 2.7 trillion cubic feet per year. This means that Iran is one of the few countries capable of supplying much larger amounts of natural gas in the future. What all this means is that Iran will play a critical role in the world's future energy equation. This is especially true because the global demand for natural gas is growing faster than that for any other source of energy, including oil. While the world currently consumes more oil than gas, the supply of petroleum is expected to contract in the not-too-distant future as global production approaches its peak sustainable level -- perhaps as soon as 2010 -- and then begins a gradual but irreversible decline. The production of natural gas, on the other hand, is not likely to peak until several decades from now, and so is expected to take up much of the slack when oil supplies become less abundant. Natural gas is also considered a more attractive fuel than oil in many applications, especially because when consumed it releases less carbon dioxide (a major contributor to the greenhouse effect). No doubt the major U.S. energy companies would love to be working with Iran today in developing these vast oil and gas supplies. At present, however, they are prohibited from doing so by Executive Order (EO) 12959, signed by President Clinton in 1995 and renewed by President Bush in March 2004. The United States has also threatened to punish foreign firms that do business in Iran (under the Iran-Libya Sanctions Act of 1996), but this has not deterred many large companies from seeking access to Iran's reserves. China, which will need vast amounts of additional oil and gas to fuel its red-hot economy, is paying particular attention to Iran. According to the Department of Energy (DoE), Iran supplied 14% of China's oil imports in 2003, and is expected to provide an even larger share in the future. China is also expected to rely on Iran for a large share of its liquid natural gas (LNG) imports. In October 2004, Iran signed a $100 billion, 25-year contract with Sinopec, a major Chinese energy firm, for joint development of one of its major gas fields and the subsequent delivery of LNG to China. If this deal is fully consummated, it will constitute one of China's biggest overseas investments and represent a major strategic linkage between the two countries. India is also keen to obtain oil and gas from Iran. In January, the Gas Authority of India Ltd. (GAIL) signed a 30-year deal with the National Iranian Gas Export Corp. for the transfer of as much as 7.5 million tons of LNG to India per year. The deal, worth an estimated $50 billion, will also entail Indian involvement in the development of Iranian gas fields. Even more noteworthy, Indian and Pakistani officials are discussing the construction of a $3 billion natural gas pipeline from Iran to India via Pakistan ¬ an extraordinary step for two long-term adversaries. If completed, the pipeline would provide both countries with a substantial supply of gas and allow Pakistan to reap $200-$500 million per year in transit fees. "The gas pipeline is a win-win proposition for Iran, India, and Pakistan," Pakistani Prime Minister Shaukat Aziz declared in January. Despite the pipeline's obvious attractiveness as an incentive for reconciliation between India and Pakistan -- nuclear powers that have fought three wars over Kashmir since 1947 and remain deadlocked over the future status of that troubled territory -- the project was condemned by Secretary of State Condoleezza Rice during a recent trip to India. "We have communicated to the Indian government our concerns about the gas pipeline cooperation between Iran and India," she said on March 16 after meeting with Indian Foreign Minister Natwar Singh in New Delhi. The administration has, in fact, proved unwilling to back any project that offers an economic benefit to Iran. This has not, however, deterred India from proceeding with the pipeline. Japan has also broken ranks with Washington on the issue of energy ties with Iran. In early 2003, a consortium of three Japanese companies acquired a 20% stake in the development of the Soroush-Nowruz offshore field in the Persian Gulf, a reservoir thought to hold 1 billion barrels of oil. One year later, the Iranian Offshore Oil Company awarded a $1.26 billion contract to Japan's JGC Corporation for the recovery of natural gas and natural gas liquids from Soroush-Nowruz and other offshore fields. When considering Iran's role in the global energy equation, therefore, Bush administration officials have two key strategic aims: a desire to open up Iranian oil and gas fields to exploitation by American firms, and concern over Iran's growing ties to America's competitors in the global energy market. Under U.S. law, the first of these aims can only be achieved after the President lifts EO 12959, and this is not likely to occur as long as Iran is controlled by anti-American mullahs and refuses to abandon its uranium enrichment activities with potential bomb-making applications. Likewise, the ban on U.S. involvement in Iranian energy production and export gives Tehran no choice but to pursue ties with other consuming nations. From the Bush administration's point of view, there is only one obvious and immediate way to alter this unappetizing landscape -- by inducing "regime change" in Iran and replacing the existing leadership with one far friendlier to U.S. strategic interests. That the Bush administration seeks to foster regime change in Iran is not in any doubt. The very fact that Iran was included with Saddam's Iraq and Kim Jong Il's North Korea in the "Axis of Evil" in the President's 2002 State of the Union Address was an unmistakable indicator of this. Bush let his feelings be known again in June 2003, at a time when there were anti-government protests by students in Tehran. "This is the beginning of people expressing themselves toward a free Iran, which I think is positive," he declared. In a more significant indication of White House attitudes on the subject, the Department of Defense has failed to fully disarm the People's Mujaheddin of Iran (or Mujaheddin-e Khalq, MEK), an anti-government militia now based in Iraq that has conducted terrorist actions in Iran and is listed on the State Department's roster of terrorist organizations. In 2003, the Washington Post reported that some senior administration figures would like to use the MEK as a proxy force in Iran, in the same manner that the Northern Alliance was employed against the Taliban in Afghanistan. The Iranian leadership is well aware that it faces a serious threat from the Bush administration and is no doubt taking whatever steps it can to prevent such an attack. Here, too, oil is a major factor in both Tehran's and Washington's calculations. To deter a possible American assault, Iran has threatened to close the Strait of Hormuz and otherwise obstruct oil shipping in the Persian Gulf area. "An attack on Iran will be tantamount to endangering Saudi Arabia, Kuwait, and, in a word, the entire Middle East oil," Iranian Expediency Council secretary Mohsen Rezai said on March 1st. Such threats are taken very seriously by the U.S. Department of Defense. "We judge Iran can briefly close the Strait of Hormuz, relying on a layered strategy using predominantly naval, air, and some ground forces," Vice Admiral Lowell E. Jacoby, the director of the Defense Intelligence Agency, testified before the Senate Intelligence Committee on February 16th. Planning for such attacks is, beyond doubt, a major priority for top Pentagon officials. In January, veteran investigative reporter Seymour Hersh reported in the New Yorker magazine that the Department of Defense was conducting covert reconnaissance raids into Iran, supposedly to identify hidden Iranian nuclear and missile facilities that could be struck in future air and missile attacks. "I was repeatedly told that the next strategic target was Iran," Hersh said of his interviews with senior military personnel. Shortly thereafter, the Washington Post revealed that the Pentagon was flying surveillance drones over Iran to verify the location of weapons sites and to test Iranian air defenses. As noted by the Post, "Aerial espionage [of this sort] is standard in military preparations for an eventual air attack." There have also been reports of talks between U.S. and Israeli officials about a possible Israeli strike on Iranian weapons facilities, presumably with behind-the-scenes assistance from the United States. In reality, much of Washington's concern about Iran's pursuit of WMD and ballistic missiles is sparked by fears for the safety of Saudi Arabia, Kuwait, Iraq, other Persian Gulf oil producers, and Israel rather than by fears of a direct Iranian assault on the United States. "Tehran has the only military in the region that can threaten its neighbors and Gulf security," Jacoby declared in his February testimony. "Its expanding ballistic missile inventory presents a potential threat to states in the region." It is this regional threat that American leaders are most determined to eliminate. In this sense, more than any other, the current planning for an attack on Iran is fundamentally driven by concern over the safety of U.S. energy supplies, as was the 2003 U.S. invasion of Iraq. In the most telling expression of White House motives for going to war against Iraq, Vice President Dick Cheney (in an August 2002 address to the Veterans of Foreign Wars) described the threat from Iraq as follows: "Should all [of Hussein's WMD] ambitions be realized, the implications would be enormous for the Middle East and the United States.... Armed with an arsenal of these weapons of terror and a seat atop 10 percent of the world's oil reserves, Saddam Hussein could then be expected to seek domination of the entire Middle East, take control of a great portion of the world's energy supplies, [and] directly threaten America's friends throughout the region." This was, of course, unthinkable to Bush's inner circle. And all one need do is substitute the words "Iranian mullahs" for Saddam Hussein, and you have a perfect expression of the Bush administration case for making war on Iran. So, even while publicly focusing on Iran's weapons of mass destruction, key administration figures are certainly thinking in geopolitical terms about Iran's role in the global energy equation and its capacity to obstruct the global flow of petroleum. As was the case with Iraq, the White House is determined to eliminate this threat once and for all. And so, while oil may not be the administration's sole reason for going to war with Iran, it is an essential factor in the overall strategic calculation that makes war likely.
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Oil Dips Below $50 to Seven-Week Low - Reuters
Oil prices fell briefly below $50 a barrel on Thursday for the first time in seven weeks, as rising crude inventories encouraged traders to deepen a week and a half of losses. U.S. crude oil futures fell as low as $49.75, the weakest since Feb. 22, before recovering to sit 58 cents up at $50.80 a barrel. The contract fell $1.64 on Wednesday. Brent crude oil for May , which expires later on Thursday, rose 42 cents to $50.90 a barrel. Oil prices have fallen about 13 percent from last week's record high above $58 a barrel, on news that global supply would rise while demand could ease. U.S. government data released on Wednesday showed a ninth straight weekly increase in crude inventories, which are now at their highest since the summer of 2002. Saudi Arabia told Asian refiners and majors this week it would boost daily supplies by half a million barrels in May, sources said, as the International Energy Agency forecast that China's oil demand growth was slowing from last year's fast pace. Some analysts believe the downside risks are limited. "I don't think oil prices will go below $50 a barrel because there are funds out there who will buy in if that happens. Most funds are still bullish over the medium to long term," Noboru Kamakura, Mitsubishi Bank's general manager of risk management, said from Tokyo. U.S. crude oil inventories, already at the highest level in nearly three years, rose another 3.6 million barrels to 320.7 million last week, the U.S. government's Energy Information Administration said. Gasoline stocks climbed by 800,000 barrels to 213.1 million, snapping a five-week slide that has raised anxiety over supplies ahead of summer when Americans take to the roads. Despite recent losses, prices are still up 17 percent from the start of the year, with speculative players still seen keen on energy markets. Middle East Gulf producers are eager to raise output to encourage stock-building in the coming months, creating a buffer for strong demand later this year, but OPEC members Nigeria, Algeria and Venezuela have said more oil was unwarranted. With oil prices now almost $5 below the cartel's $55-a-barrel threshold for triggering a second increase in production, opposition to the Gulf moves could intensify. The Organization of the Petroleum Exporting Countries raised output limits by 500,000 barrels per day (bpd) in March to 27.5 million bpd, leaving room for a second rise if oil prices remained high.
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Venezuela Seeks to Change 32 Oil Contracts- Bloomberg
Venezuela, the largest oil producer in South America, plans to force ChevronTexaco Corp., ConocoPhillips and other companies to convert contracts covering 32 fields into joint ventures with the state oil company so the country can earn more from petroleum sales. Petroleos de Venezuela SA would hold a 51 percent stake in the ventures under the plan, Rafael Ramirez, the country's energy and oil minister, said at a press conference today in Caracas. The operating companies, mostly foreign owned, now hold oil- production contracts in which they're paid a per-barrel fee. Venezuela, the world's fifth-largest oil exporter, wants the companies to pay more taxes and have their payments for oil produced from the fields capped, Ramirez said. Companies have six months to complete conversions, he said. Oil prices have more than doubled over the past three years. ``With oil prices so high, they think they can change the contracts without any problems,'' Jose Toro Hardy, an independent oil analyst and former Petroleos de Venezuela board director who oversaw the contracts, said in an interview today. ``The basis of these contracts were approved by the National Assembly.'' Venezuela's decision is the second since October that changes existing contracts with` oil companies. In October, President Hugo Chavez unilaterally raised the royalties on shareholders in four heavy-oil joint ventures, saying companies were paying too little. ``No contract is above the law,'' Ramirez said. Current contracts are detrimental to the government and Petroleos de Venezuela, he said. ``We are the owners of the resources in our house.'' Petroleos de Venezuela lost $260 million last year on 16 of the 32 operating agreements with private oil companies, Ramirez said. Most of the oil companies also evaded paying taxes on their operations, he said. Ramirez said that no contracts would be revoked and that Petroleos de Venezuela would try to reach agreements with all the current holders. The contracts contain clauses stipulating arbitration in the event of differences. ``We have other companies who are interested in these fields,'' Ramirez said. ``However, we want to continue with the current operators.'' ExxonMobil de Venezuela spokesman Richard Bailey and Chevron Texaco spokeswoman Monica Davila declined comment. Shell Venezuela spokeswoman Bettina Steinhold and Statoil Venezuela spokeswoman Susana Brugada didn't return phone calls seeking comment. Petroleos de Venezuela granted the fields to international companies in the 1990s in three bidding rounds. The fields currently account for about 565,000 barrels of the country's 2.6 million barrels of daily output, Venezuelan Hydrocarbons Association President Luis Grisanti said earlier this week. ``These fields were mature oil fields, marginal fields, where Petroleos de Venezuela had no plans to invest,'' Toro Hardy said. ``Given that, the decision was taken to offer them to private operators.'' Contracts run up to 20 years, Petroleos de Venezuela officials said earlier. Venezuela's decision to pressure companies to convert their operations comes as the country is seeking up to $10 billion in investment from foreign companies through 2009 to about double production capacity to 5 million barrels a day. The decision also comes four months before a planned auction of six offshore blocks in August. Venezuela is relying on international companies to explore and develop the fields, partially to alleviate a shortage of natural gas in the western part of the country. ``I am surprised that they are making this kind of announcement just prior to a bidding round,'' said David Voght, managing director of energy consultant IPD Latin America, which has offices in Caracas and Mexico City. ``It's better for the government to be clear in its energy policy.'' Creation of joint ventures would put the operating contracts in line with the country's hydrocarbons law, which was passed in 2001, Ramirez said. The law stipulates that Petroleos de Venezuela have a 51 percent stake in any joint venture. Chavez said yesterday that many oil agreements signed before he took office in 1999 favored international companies at the expense of Venezuela. The decision to change the contracts must be seen in the perspective of the government's other economic policies, which are aimed at short-term gains of revenue to finance burgeoning government expenditures, said Toro Hardy. ``This is a very short-sighted policy,'' he said. ``They are just trying to get revenue at any cost to cover spending.''
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Koizumi calls for dialogue on oil dispute - China Daily
Japanese Prime Minister Junichiro Koizumi said yesterday that Japan and China should resolve their oil and gas drilling dispute in the East China Sea through dialogue. The Japanese leader made the remarks a day after China's Foreign Ministry condemned the Japanese Government, saying it had committed a serious provocation against China by granting Japanese firms rights to drill for gas and oil in the disputed territory in East China Sea. "Chinese and Japanese positions differ on the matter, but we need to continue talks from a larger point of view, without inflaming conflicts, and to turn the sea of conflict into a sea of co-ordination," Kyodo News quoted Koizumi as saying. The Japanese Government on Wednesday initiated procedures to grant Japanese firms the right to conduct test drilling for potential gas and oil fields to the east of the so-called "demarcation line" in the East China Sea. Following Japan's announcement, Chinese Foreign Ministry spokesman Qin Gang said the move was a provocation against China's rights and norms in international relations. China had already lodged protests on the issue with the Japanese side and Qin said the nation would "retain the right to react further." He said China has always insisted the two sides should resolve the issue through diplomatic negotiations. "We strongly ask the Japanese side to take relevant measures. The consequences depend on Japan," he said at yesterday's news media briefing, after being asked to elaborate what further reaction China would likely take. He said China wants to solve the question through consultations and proposed putting aside disputes and engaging in joint exploitation efforts in the ocean area. "We hope to get a positive response from the Japanese side." Japan has unilaterally demarcated a controversial exclusive economic zone along the median line. It holds that the line is determined by the two countries' coastlines. China holds that the line is determined by the continental shelf on China's side, over which China claims exclusive rights. Both China and Japan have a right to claim 200 sea miles of water, in accordance with international law. However, the width of the East China Sea is less than 400 sea miles and the claims of the two sides overlap, which has led to continuing disputes. According to the Japanese Embassy in Beijing, Japanese Foreign Minister Nobutaka Machimura plans to visit China this weekend but Qin yesterday did not give any details about Machimura's agenda, saying the two sides are still discussing the visit.
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Oil guzzlers aim to work together - Financial Express - India
India and China, given their super growth rates, are oil guzzlers. For the two countries, oil consumption is expected to grow at roughly at 8% a year. In fact, they account for a significant part of the total Asia-Pacific energy demand estimated at about a third of the total world demand in 2005. In this backdrop, it makes immense sense for the two countries to work closely in evolving an effective energy security strategy. Indian and Chinese companies are now exploring the possibility of investing in each other’s countries. This is perhaps the need of the hour too given that both are foraying into regions that carry high political risks. For instance, while ONGC Videsh Limited partners Chinese firms in Sudan and in Ivory coast, it is pitted against them for equity stake in Yugansk oil field in Russia. A co-operation agreement in the energy sector is also likely to be signed between the two countries soon. Oil companies from China and India can jointly pursue exploration and production acquisition strategies in international oil and gas prospects. Indian Oil Corporation (IOC) is already exploring if it can export bulk bitumen to China. It has also sent a draft MoU for cooperation in upstream and downstream sectors to Petro-China. The structure of Chinese petroleum sector is such that the state council and the state planning commission have direct control over the operations of companies. All the three companies from China-CNPC, CNOOC and SINOPEC, that have international oil and gas assets do not compete with each other. While bidding for acquisitions, only one of the company enters the foray. In reality, the Chinese attempt on acquisitions of overseas projects is supported by the government of China. India and China imported nearly the same quantity of crude oil in 2003, however, for 2004, Chinese have increasingly imported crude oil as their requirements have increased. Although the exact data is not available, it is expected that China will be importing close to 120 mmt of crude oil in 2004. The growth in China’s crude oil demand implies a huge need for refining capacity. As per available data, China’s refinery investment needs through 2020 would be of the order of $13 billion to $36 billion if a quarter of the growth in transport fuel demand were met by direct product imports. It would be between $9 billion and $24 billion if half the growth is met through product imports and $4 billion to $12 billion if three quarters of the growth is met through product imports. In 2003, China was the world’s largest consumer of petroleum products (10% of world consumption) surpassing Japan for the first time. With total demand of 5.56 million barrels per day, its projected demand growth is 3.0-4.9% a year in oil and 5.5-11.6% a year in gas. Currently, China is a net importer of oil and is the source of around 40% of the world oil demand growth over the past four years. Indian companies feel there is potential for petroleum product exports to China as well as to join hands with China National Petroleum Corporation (CNPC) for ventures in other countries to enhance oil security. Oil security is a major concern for both countries which plan to create strategic oil reserves.
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Market forces have met their match in oil prices - The Boston Globe
In the late 1970s, oil prices soared to unprecedented heights, which set in motion a series of events that ultimately brought prices back down to earth. By buying smaller cars and insulating their homes, Americans learned to be more energy efficient. Inspired by those same high prices, energy producers looked for new sources of oil and found it in far-flung parts of the world. The result: Supply rose, demand fell, and prices dropped -- an outcome straight out of Economics 101. With gasoline prices averaging $2.22 a gallon nationwide, the question to ask is: Could the same thing happen again? Alan Greenspan apparently thinks so. In an upbeat speech last week, the Federal Reserve chairman said, ''History shows that market forces play the key role in conserving scarce energy resources." Greenspan's faith in markets is justified. They do work, especially when it comes to energy. But Greenspan should have added a caveat. Something like: Energy markets work, but they work pretty slowly, and this time around, there are reasons to think they may work more slowly than in the past. In other words, don't hold your breath waiting for prices to fall dramatically. In 1978, oil sold for $14 a barrel. By 1980 the price reached $37 a barrel. Americans noticed. With a big assist from government rules that required better car mileage, cost-conscious buyers turned away from gas guzzlers. ''At the time, we joked that the biggest oil field in the United States was in Detroit," said Joseph Stanislaw, an energy consultant based in Hamilton. Power plants and factories switched from oil to natural gas and coal. Manufacturers installed equipment that allowed them to burn less oil. On the supply side, big new fields in Alaska and the North Sea helped turn the shortage into a glut. In 1986 oil prices tumbled and stayed down for more than a decade. In 1999 prices were still a modest $19 a barrel and no one was talking about oil. Today, with prices at $53 a barrel, people are talking about expensive oil and starting to do something about it. SUV sales have cooled in the past two months; hybrid vehicles are hot. Drilling budgets are up somewhat at the major oil companies. But economists and energy specialists suggest the response to high prices now may be more muted than it was a generation ago. They cite three reasons for that. Energy prices are not high enough. In 1981 gasoline prices reached $1.40 a gallon. Adjusted for inflation, the equivalent price today would be $3.20. ''We are not hurting enough yet to provoke a big reaction," said Nariman Behravesh, chief economist with Global Insight in Waltham. Helping to muffle the pain of higher prices is the increased energy efficiency of the US economy. That efficiency means the US can still grow at a decent pace with $50 oil. The downside: Consumers and businesses aren't motivated to take big steps to reduce energy use. The new kids on the block need oil. The growing economies of China and India have an enormous appetite for energy. High prices may dampen that appetite, but they won't kill it. Strong demand will keep upward pressure on prices, economists say. Finding big new sources of energy may be difficult. The world isn't running out of oil, but it may be running out of the giant fields that can make a meaningful contribution to world supplies. So far the major oil companies don't seem to be in a hurry to step up exploration significantly. ''They tend to be pretty darn conservative," said Henry Lee, an energy specialist at Harvard's Kennedy School of Government. For the moment, the producers are using their extra cash to buy back stock and increase dividends, strategies that won't do much to make oil more available. Eventually prices will come down. ''Every boom sows the seeds for the next bust," said Daniel Yergin, chairman of Cambridge Energy Research Associates, a consulting firm. In this case, eventually may be a while. In the meantime, get used to gas at more than $2 a gallon.
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Message to investors: Lose the oil obsession - Chicago Sun Times
This won't sit well with anyone filling up on $2.50-a-gallon gas this weekend, but economists and market analysts warn that we'd better get used to paying through the nozzle. That advice can be directed to the stock market as well. The sooner investors grasp that the world apparently can afford oil at more than $50 a barrel, the quicker stocks will put together a rally with staying power. After a modest string of four straight advances, stocks slumped Friday in a sign that nobody's heart is into much buying. Investor concern about oil prices became crystallized last week in a report from the International Monetary Fund warning of a "permanent oil shock'' to the world economy. Rising prices of other commodities also are important. Whether the product is grains or steel, commodities have started a bullish cycle directly linked to the world's population becoming more urbanized, wrote Joseph Quinlan, chief market strategist at Banc of America Capital Management. To many people, it's not much of a leap from commodities to inflation, a bane of market performance. But will higher energy prices force families to cut trips to Wal-Mart and their favorite restaurants? For an answer, I sought out two of the more level-headed thinkers I know: Carl Tannenbaum, chief economist at LaSalle Bank, and Phil Flynn, equities analyst at Alaron Trading. Starting from different perspectives, they come to a similar conclusion: that inflation is tame outside commodities and that the economy isn't as energy-sensitive as it used to be. Tannenbaum said labor remains the biggest cost driver. The international labor market is plentiful and companies continue to find ways to boost productivity, he noted. Flynn said commodities merely are reverting to historical growth names after a decade of deflation. People adjust and they save money elsewhere, he said, such as on long-term interest rates that remain low. The energy situation could actually keep the economy out of inflationary overdrive, Flynn said. "We're in an era where $2-a-gallon gas will be more the norm. People will get used to it, just like they adjusted to paying for bottled water,'' Flynn said. That reasoning won't alleviate buyers' regret for owners of monster SUVs. But it suggests how Wall Street will work itself out of a funk based more on psychology than business outlooks.
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Remember that links from newspapers and magazines online are "here today and gone tomorrow": our advice is to download them into a folder on your desktop immediately or better yet print them out for reading when you have time. Don't leave them till you get around to them... They may have changed by then!