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Kuwait Researchers Forecast Global Conventional Crude Oil Production Will Peak in 2014; New Multicyclic Hubbert Model

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World crude oil production model. Scientists from Kuwait University and Kuwait Oil Company are forecasting that world conventional crude oil production will peak in 2014—almost a decade earlier than some other predictions. The presented method is a viable tool to predict the peak oil production rate and time.

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Kuwait Petroleum, Sinopec in $9B refinery joint venture in China

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The Chinese government recently granted final approval for a joint venture project between Kuwait Petroleum Corporation (KPC) and China Petroleum and Chemical Corporation (Sinopec), one of the world’s largest refiners, to build a world-class refinery and petrochemical complex in south China.

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IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Global oil supplies increased by 310 kb/d in November to 92.3 Year-on-year, November supplies rose by 810 kb/d, as a 1.9 mb/d in 2014.

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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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Associated sanctions on Russia—with more than 5 million b/d in crude oil processing capacity—disrupted exports of Russia’s refined products into the global market, and will likely continue to do so as import bans in the European Union and United Kingdom come into full force. million b/d in 2022 and by an additional 1.6

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Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. percent in intraday trading on Monday, after a report at the end of last week showed another solid build in the US rig count, the tenth consecutive week that the oil industry added rigs back into the field.

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Opinion: How Much Longer Can OPEC Hold Out?

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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.”

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Ethanol Producers Group Calls for Congress to Repeal International Indirect Land Use Provision in RFS2

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In only singling out biofuels in their analyses of indirect effects, both EPA and California have overlooked the enormous secondary impacts of our continued dependence on oil. Accompanying the statement was a picture of oil wells burning in Iraq in 1991. This was accompanied by a picture of convoys entering Iraq from Kuwait.

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