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...sharp cuts voted on last December, which helped to double world oil prices within a few months (only Iraq is exempted, because of the war there). OPEC quotas are crucial to propping up world oil prices; without them, oil futures would currently trade at between $25 and $30 a bbl., according to Edward Morse, head of economic research at Lewis Capital Markets in New York. But in reality, some OPEC leaders simply ignore their quotas, because they need every penny they can earn from oil. Among the bad boys: Venezuelan President Hugo Chávez and Iranian President Mahmoud Ahmadinejad...
...Russia OPEC has no control over one very important energy powerhouse: Russia. Russia's Energy Ministry reported this week that for the first time, the country's exports (about 7.4 million bbl. a day) outstripped those from Saudi Arabia, which has the world's biggest oil reserves. Saudi Arabia cut its production last year in order to prop up world oil prices and is easily the bigger potential oil producer. But oil analysts say that by ignoring OPEC's calls for production cuts, Russia has shown OPEC how little power it wields over non-OPEC producers. Although Russian officials told...
...does Business Secretary Lord Peter Mandelson, who twice met Seif this year. British officials must hope the brouhaha blows over soon. Because Libya's oil is light and low in sulfur, it is prized for being among the easiest to refine. And since Libya has nearly 44 billion bbl. of proven reserves, Western capitals have little intention of freezing out Gaddafi again...
...those issues are crucial to both Europe and the U.S. Libya's massive reserves include more than 44 billion bbl. of oil and about 53 trillion cu. ft. (1.49 trillion cu. m) of natural gas. Some of that gas is now piped under the Mediterranean to southern Italy - a valuable alternative to the politically unreliable Russian gas supplies, on which Europe is heavily dependent. U.S. officials have previously said that Washington's renewed links with Libya have proved an important source of intelligence; the U.S. dropped its sanctions and resumed diplomatic relations in 2004, after Gaddafi publicly renounced his nuclear...
...delve deeper, let's examine why gas prices have deflated so much: natural gas prices and oil prices are no longer bedfellows in our present economy. As crude oil has skyrocketed from about $30 per bbl. in December 2008 to more than $70, natural gas has plummeted from nearly $6 per million BTU to under $3, recently hitting a seven-year low. To put these numbers in perspective, this makes oil more than four times as expensive as natural gas to produce the same amount of energy, according to the U.S. government's Energy Information Administration (EIA). (Read "Clean Energy...