Russian oil production decreased for the first time in 10 years according to Vedomosti, a Russian newspaper. The decrease was only 0.7%, while exports were reduced more dramatically year over year, down 6.2%.
Archive for January, 2009
OPEC Achieves Cuts in Output, Halting Price Slide
After months of gradually closing the oil spigot, members of the OPEC cartel have managed to stop the slide in oil prices — at least for now.
The Patch: Peak supply vs. peak demand
The market’s obsession with plummeting oil demand has been so pervasive in the past six months it even fostered a new theory — peak demand.
Alternative-Energy Companies Grow Even as Others Falter
While many small businesses continue to struggle with tight credit and declining sales, one fledgling industry is seeing a boom in investment and sales growth: alternative energy.
Oil drying up as world remains unaware
For more than a century it has been cheaper than coffee and as constant as ocean waves.
Toyota unveiling electric concept car in Detroit
Toyota Motor Corp. said Saturday it is confirming plans to have an all-electric vehicle on U.S. roads by 2012 by introducing an ultra-compact battery-powered concept car at the North American International Auto Show in Detroit.
Garage Invention Turns Restaurants Into Power Plants
A new garage-engineered generator burns the waste oil from restaurants’ deep fryers to generate electricity and hot water. Put 80 gallons of grease into the Vegawatt each week, and its creators promise it will generate about 5 kilowatts of power.
Oil Traders Seek Another 10 Tankers, Frontline Says
Frontline Ltd., the world’s biggest owner of supertankers, said oil traders want to charter as many as 10 vessels to stockpile crude to take advantage of higher prices later in the year.
New Cartel Announces the End of Cheap Gas
We are familiar with OPEC and the effects they have had on the price of oil over the years. The OPEC nations meet on a regular basis to decide how much oil they will allow the rest of the world to have from their stores. They set quotas and limits on production in an attempt, they say, to keep the price steady at a level that is good for both consumers and the producers. We’ve seen how that works.
