The Oil Drum | More goings-on around the world

More goings-on around the world

Posted by Yankee on February 17, 2006 - 12:33am
Topic: Supply/Production
Tags: china, iran, oil, opec, refineries, russia, venezuela [list all tags]

TGIF! Let's survey what's happening around the world these days!

Venezuela's oil minister (also president of Petroleos de Venezuela!) wants OPEC to cut production by 500,000 to 1 million barrels a day.

China and Iran are about to finalize a multi-billion dollar oil and gas deal:

The report said that an agreement would seal a memorandum of understanding signed in October 2004 under which China's Sinopec would develop Iran's Yadavaran oil field in exchange for buying 10 mln tons of Iranian liquefied natural gas annually for 25 years at a cost of 100 mln usd.
What do individual countries want: oil that's already been refined in Russia, or their own refineries that can handle the crude they'll buy from Russia?

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“This order [i.e. capitalism] is now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, not only those directly concerned with the economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt.”

—Max Weber, 1905