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Iran warns of closing strategic oil route

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« Reply #30 on: March 13, 2012, 09:23:07 am »

Iran Power Declining in Oil Market as Explorers Spend $90 Billion: Energy
13 March 2012, by Ayesha Daya, Brian Swint and Rakteem Katakey (Bloomberg)
http://www.bloomberg.com/news/2012-03-13/iran-power-declining-in-oil-market-as-explorers-spend-90-billion-energy.html

Excerpt:

The Iran-driven run in oil prices to the highest since 2008 masks the Middle East producer’s diminishing importance to global oil supplies as record spending on drilling unearths reserves from Argentina to Angola.

New fields will ease pressure on prices, according to the Centre for Global Energy Studies. Futures show investors expect benchmark Brent crude to drop to less than $100 a barrel in 2015 from $125 today.

Global exploration spending, led by Exxon Mobil Corp. and Royal Dutch Shell, will jump 20% this year to at least $90 billion, Barclays Plc research shows.

Offshore drilling may unlock about 25 billion barrels of oil this year, more than four times Norway’s remaining reserves, according to Morgan Stanley.

In addition, there are so-called unconventional fields in the U.S., where oil production from North Dakota’s shale rose 75% last year, and Argentina, home to a field found by Repsol that may hold about 23 billion barrels.

“The price of oil has to come down because supply prospects are so positive,” said Manouchehr Takin, an analyst at the Centre for Global Energy Studies.

“The rate of demand isn’t going to grow as in the past as we use resources more efficiently.”

The International Energy Forum, consisting of a group of nations that account for more than 90% of global oil and gas supply and demand, gathers today in Kuwait as pressure builds on Iran from U.S., the European Union and Israel to end its nuclear research program.

The forum was founded in 1991 to discuss international energy security.
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