Just how much oil is there, and when will the world begin to run out of it (if ever)? Part of the problem answering that question is the amount of known oil in the world keeps increasing, especially in the face of market demand such as the recently relatively high prices for oil.
On December 26, […]
According to a report by Human Rights Watch, more than $4 billion in oil revenue collected by the government of Angola simply disappeared between 1997 and 2002. That is an amount equal to the same amount Angola spent on all state-funded social programs during the same period of time and is equivalent to 9.2 percent […]
Reuters reports that Iran recently made a major oil discovery, finding an oil field that has estimated reserves of 38 billion barrels of oil. If true, that would make it one of the world’s largest undeveloped oil fields.
Reuters quoted Iran’s Oil Development and Engineering Company general director Abolhasan Khamoushi as saying that the vast oil […]
After the 9/11 terrorist attacks in the United States, demand for oil dropped causing the price of oil to bottom out. In late November, the price for a barrel of oil reached a two-year low of only $16.65 per barrel. Despite its best efforts, however, the Organization of Petroleum Exporting Countries has had little luck […]
Once again the Organization of Petroleum Exporting Countries has a big problem on its hands — despite all its efforts, there is still too much oil. Excess oil supply has the price for barrel stuck well below the $22-28 price level that OPEC tries to maintain.
OPEC has held off on a production cut fearing that […]