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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” Iraq’s Issues.
With Saudi Arabia's refined fuel contributing to the global supply glut, what will be its impact on the refining markets especially those in Asia? The crude is so cheap it’s pretty much free for them, the margins are going to be massive. Indian refiners are now buying more crude oil from Nigeria, Iraq, Venezuela and Mexico.
Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “ increasingly worrying ”, due to a loss of $1 trillion ($1,000 billion) in investments last year. But the current production increases in Nigeria, Iraq and Libya, will most probably be temporary.
Like fighter planes, military drones started cheap, then got expensive. Unlike the fighters, though, they got cheap again. Like fighter planes, military drones started cheap, then got expensive. Unlike the fighters, though, they got cheap again. That’s not cheap, except by U.S. Reaper, which it broadly resembles.
Short-term pressures on oil markets are easing with the economic slowdown and the expected return of Libyan supply. Oil and the Transport Sector: Reconfirming the End of Cheap Oil. Major changes in liquids supply in the New Policies Scenario, 2010-2035. By contrast, subsidies for fossil fuels amounted to $409 billion in 2010.
Millions will plug-in their electric vehicles (EV), plug-in hybrids (PHEV) and fuel cell vehicles (FCV) at night when electricity is cheap, then plug-in during the day when energy is expensive and sell those extra electrons at a profit. Why not ake it all the way and spend 1 year of Iraq on retrofitting every home in America with nano solar.
Electric cars in the garages would double as battery packs for when energy supplies are scarce. I liken electric grid and renewable to the economic and political and military fiasco of the Iraq war. Every scrap of waste food, garden trimmings and even sewage would be used to ferment gas. Alternative is no longer an alternative.
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