Friday 28 December 2012


From Rice Farmer

Energy decline around the globe

"Resource nationalism is assuming more subtle forms as governments resort to measures outside of blatant asset expropriations to retain the benefits proffered by their geological bounties."

"South Korea set a new record for power consumption on Wednesday, the third consecutive day of very cold temperatures and busiest work-wise after the lead-in and celebration of Christmas. And the country’s energy monitors were forced to warn that power outages might occur because demand had surpassed the limit that the government considers safe."

"OAO Lukoil Holdings will cut its production in Iraq by 30% after the Iraqi government decided to limit output in order to prop up prices, the president of Lukoil Overseas Holding Ltd. said in an interview."

"Saudi Arabia will need to reduce fuel subsidies that are becoming an ever-greater fiscal burden as its population grows, a former adviser to the country’s oil minister said."

"Israeli gasoil and fuel oil consumption for electricity production rose sharply in the first 11 months of the year due to a severe shortage of natural gas, Israel's Energy and Water Ministry said Thursday."

"Brazil's president says Latin America's biggest economy does not need to ration electricity in the wake of several outages that occurred over the past several months."

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