Peak Oil in the News

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Peak Oil News Friday December 8th 2006

Peak Oil Theory Analyzed by CERA
(PR Web via Yahoo! News: Thu, 07 Dec) Cambridge, MA (PRWeb) December 7, 2006 - Peak Oil, the widely discussed theory that world oil production will soon reach a peak and go into sharp decline, is the subject of a new analysis by Cambridge Energy Research Associates (CERA).

Peak Oil Theory Analyzed by CERA
(PR Web: Thu, 07 Dec) "Peak Oil" the widely discussed theory that world oil production will soon reach a peak and go into sharp decline, is the subject of a new analysis by Cambridge Energy Research Associates (CERA). CERA finds that the remaining global oil resource base is actually 3.74 trillion barrels - three times as large as the 1.2 trillion barrels estimated by the theory's proponents. (PRWeb Dec 7, 2006) Post

Oil rises as production cut looms
(BBC News: Fri, 08 Dec) Oil prices rise above $63 a barrel after the president of the Opec producers cartel says he favoured another cut in output.

Crude oil price to average at $55-65 next year: energy minister
(The Nation: Thu, 07 Dec) Energy Minister Piyasvasti Amranand estimated that next year, crude oil price would average US$55-$65 per barrel from this year's peak of over $75. Meanwhile, domestic retail prices would stand between Bt24-Bt25 per litre, provided oil exporting countries do not cut production capacity or increase the capacity.

Russia's East Siberia: from Gulag to oil frontier
(Reuters via Yahoo! News: Thu, 07 Dec) Half a century ago, Josef Stalin banished his foes to labor camps in East Siberia. Now volunteers are lining up to drill the frozen wastelands for their vast reserves of oil.

Oil drifts in tight range near $63, OPEC eyed
(Reuters Finance News, Australia via Yahoo!7 Finance: Fri, 08 Dec) SYDNEY, Dec 8 (Reuters) - Oil prices held near $63 on Friday, extending the previous session's modest gain but staying in a tight range ahead of a meeting of top producers next week to decide whether to cut output again.

OPEC appears ready to defend $60 floor on oil prices
(Market Watch: Fri, 08 Dec) SAN FRANCISCO (MarketWatch) - Members of the Organization of the Petroleum Exporting Countries will meet next week and they appear ready to set a floor for prices amid worries of weakening demand from a slowing U.S. economy.

Oil above $62, supported by OPEC
(Reuters via Yahoo! Canada News: Thu, 07 Dec) Oil was steady above $62 a barrel on Thursday, caught in a trading range that has held almost continuously since late September.

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