Will the Wells Run Dry?

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January 2008
- Saudi Arabia says oil supply, demand situation 'sound'
  
  AFP | Jan 30, 08
  
  Saudi Arabia, the world's biggest producer of crude, said Wednesday that the current supply and demand situation for oil was "sound," ahead of an OPEC production meeting.
- Nigeria says no need to intervene in world oil output
  
  IC Publications | Jan 29, 08
  
  Nigeria said Tuesday that there is no reason for now to push for any intervention by the oil cartel OPEC in the oil supply to the world market despite the soaring prices of crude.
- Clock's Ticking on World Oil Supply: Shell CEO
  
  Times (UK) | Jan 25, 08 9:33 AM CST
  
  (Newser) - World oil demand will outpace supply in 7 years, Shell's CEO warned in an email sent to employees in advance of the World Economic Forum in Davos, Switzerland. Jeroen van der Veer sees nuclear power, oil sands, and other unconventional energy sources replacing oil and gas out of necessity, whether or not world governments embrace renewable energy, the London Times reports. More »
- An Oil Giant, Alaska Faces Gas Crisis
  
  Christian Science Monitor | Jan 24, 08 8:07 AM CST
  
  (Newser) - Alaska—home of America's largest energy reserves—is facing a major energy crunch. The problem is a lack of infrastructure to get natural gas where it needs to be, the Christian Science Monitor reports. "It's the goofiest thing in the world, to be sitting on top of some of the biggest energy reserves in the world and have these challenges," one official says. More »
- Plenty of oil remains, Exxon manager says
  
  The Beaumont Enterprise | Jan 24, 08
  
  As a public affairs manager for ExxonMobil Corp., Sara Tays is frequently asked if the world's oil supply is on the verge of running out. Advertisement Tays, the featured speaker at the Greater Beaumont Chamber of Commerce's luncheon Thursday, said this concern was first raised in the late 19th century.
- US Blunts Arctic Oil Warning
  
  Der Spiegel | Jan 23, 08 2:18 PM CST
  
  (Newser) - A top researcher for the US National Oceanic and Atmospheric Administration was poised this week to deliver a stern warning against the oil drilling operations sweeping the Arctic—until politicians pulled the teeth from his report, Der Spiegel reports. The report needed approval from the Arctic council that commissioned it—but the US and Sweden insisted on watering down the document. More »
- Iran warns sanctions could hurt oil supply
  
  Reuters | Jan 17, 08
  
  Iran's OPEC governor has warned that any Western sanctions on investments in its energy sector could endanger security of supply and hit also consumer countries, an Iranian daily reported on Thursday.
- Bush Begs Saudi King for Oil
  
  ABC News | Jan 16, 08 2:31 PM CST
  
  (Newser) - After his public request for increased oil production and the resulting price drop was rejected yesterday, President Bush made a personal appeal to Saudi Arabia's King Abdullah to be more generous with his wells, ABC News reports. Only an hour after Bush’s public plea, the Saudi oil minister announced the country would increase production “when the market justifies it.”—a polite refusal. More »
- Bush Asks OPEC for More Oil
  
  Associated Press | Jan 15, 08 9:32 AM CST
  
  (Newser) - OPEC should start producing more oil, President Bush told Saudi Arabia’s King Abdullah today, or it risks damaging “consuming economies,” like the US. Bush said high oil prices were reducing consumer purchasing power, and said more supply “would be helpful.” He also warned Iran to avoid another Strait of Hormuz incident, saying any attack on US ships would have serious consequences. More »
November 2007
- Demand for Oil May Pass Output by 2012
  
  Wall Street Journal | Nov 19, 07 10:07 AM CST
  
  (Newser) - Production limits, not supply, could prompt an oil crisis in less than a decade as efforts to reduce demand and introduce alternative fuels trail growth in the world’s oil needs, the Journal reports. Oil companies currently produce 85 million barrels daily; some experts say they'll hit a wall at 100 million barrels—far below projected world demands, and a recipe for shortages and skyrocketing prices. More »
- Oil Breaks $98 in Advance of Supplies Report
  
  Associated Press | Nov 7, 07 4:11 AM CST
  
  (Newser) - Oil prices continue to break records, busting beyond $98 a barrel before settling at $97.98 in Singapore today, reports AP. Short-term effects like Monday’s attack on a Yemen pipeline contributed to the hike. Last week’s storms reduced Mexican exports to the US, and traders expected this winter’s demand to remain strong. More »
September 2007
- Is Biggest Oilfield Running Dry?
  
  Atlantic Monthly | Sep 8, 07 4:00 AM CDT
  
  (Newser) - The world’s most critical oil field might be nearing its end. Saudi Arabia, which accounts for 19% of all oil exports, doesn’t supply hard data about its production, but a little math sleuthing by a computer scientist shows the Ghawar reservoirs should be empty soon, the Atlantic reports. More »