Over the next few days, Russia will change the world. It has completed a new oil pipeline and port complex that sets Russia up to become a more powerful oil exporter than Saudi Arabia. The ramifications for Europe and Asia are profound: The shape of the global economy—and the global balance of power—will be altered [...]

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Tehran denies Iraqi claim to borderline oil field, says troops are ‘on Iranian soil, as defined by known international borders’
Iran: Oil field is ours, not Iraq’s – Israel News, Ynetnews

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The International Energy Agency Thursday revised it 2010 world oil demand forecast slightly higher, but warned that rising crude prices, if sustained, risk smothering the fragile economic recovery underway.
IEA Says Rising Oil Price Risks Derailing Economic Recovery – WSJ.com

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Reporting from Beijing – A Chinese company’s gambit to drill for oil in U.S. territory demonstrates China’s determination to lock up the raw materials it needs to sustain its rapid growth, wherever those resources lie.
The state-owned China National Offshore Oil Corp., or CNOOC, reportedly is negotiating the purchase of leases owned by the Norwegian StatoilHydro [...]

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The resource curse has gone global.
For years, oil wealth was mostly a danger to those, paradoxically, who possessed it. Resource-rich Middle Eastern countries, and their labor-exporting neighbors, failed for decades to invest adequately in their people or to diversify their economies. A massive influx of oil receipts and worker remittances discouraged investment in sectors conducive [...]

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Last week, three dictators — from Iran, Libya and Venezuela — delivered lunatic hate speeches at the General Assembly of the United Nations.

Why do these anti-Semitic dictators feel so free to damn America from midtown Manhattan? Why do their abettors spurn our requests for help? And why do creepy regimes plot to get nukes and [...]

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Despite tough talk from Washington, China needs Iran’s oil too much to support sanctions that might actually bite.
But the kind of sanctions that would really hit Iran’s economy – sanctions against its energy industry – are thought to be off the table because China and other nations are too reliant on Iran’s oil.

Oil: Iran’s trump [...]

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The Russian energy minister’s visit to Iraq earlier this month, as Baghdad prepares to auction off oil contracts to foreign companies in December, underscores how Western oil majors may be cut out of potentially lucrative production deals.
This stems in part from Prime Minister Nouri al-Maliki’s differences with the surge of violence that has accompanied the [...]

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Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse as Prime Minister Vladimir V. Putin exploits OPEC production cuts to gain market share.
Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the [...]

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The author of an acclaimed history explains why, just as we need more oil than ever, it is changing faster than we can keep up with.
With all these changes, the very future of this most vital commodity is now being seriously questioned, debated, and challenged, even as the world will need more of it than [...]

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