Peak Oil in the News

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Peak Oil News Sunday December 17th 2006

Oil drilling plan would bring royalties for homeowners
(Redford Observer: Sun, 17 Dec) Plans for a private company to extract oil and gas in northwest Livonia could bring monthly royalty checks, not only to the city but to about 65 residential property owners.

Oil Climbs Above $63 a Barrel
(Hartford Courant: Sun, 17 Dec) Crude oil prices climbed above $63 a barrel Friday, capping a week that reignited the market's supply concerns with news of U.S. oil inventories falling and OPEC's decision to cut output in February.

R&D Shale Oil Extraction Leases Granted
(Hartford Courant: Sun, 17 Dec) The Interior Department granted leases Friday for shale oil extraction experiments, a step allowing companies to determine how to tap into an estimated 100-year supply of oil locked in rock formations under Colorado, Utah, and southwest Wyoming.

Opec ‘aims for $60 oil despite protestations’
(Gulf Times: Sat, 16 Dec) ABUJA: Opec members meeting in Nigeria this week decided to restrict their output but expand their club, sending strong signals that the group is targeting high prices and a tighter grip on world oil resources.

OPEC to cut oil output
(Reuters via Yahoo! News: Thu, 14 Dec) OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, the group said on Thursday, sending oil prices above $62.

Oil jumps over $1 after OPEC agrees on output cuts
(Reuters via Yahoo! News: Thu, 14 Dec) Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.

OPEC decides on output cut, sends oil prices higher
(AFP via Yahoo! News: Thu, 14 Dec) OPEC ministers meeting in Nigeria have announced a production cut of 500,000 barrels per day from February 1 and welcomed in new member Angola, the second-biggest oil producer in sub-Saharan Africa.

Oil rises as Opec cut tightens market
(Financial Times: Fri, 15 Dec) Crude oil futures made further gains on Friday following the decision by the Organisation of the Petroleum Exporting Countries to cut its official production quota by 500,000 barrels a day.

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