WORLD: ECONOMICS AND OIL PRODUCTION

Article Abstract:

Economic maxim states that when prices rise producers have greater incentives to increase production. If this is applied to oil it suggests that after a time lag, production will rise and oil prices will fall. Although lower prices are good for the motorist and businesses faced with high fuel bills, higher prices are good for the sustainability of life on earth, because it helps to restrain consumption, and reduce climatic changes. The best way to restrain consumption is to raise prices, but this is a hard challenge because it would mean countries like the US raising gasoline taxes from GB[pound] 0.085 per litre to a level closer to the UK's GB[pound] 0.62 per litre. It would also require a co-ordinated tax policy implemented globally to move the world economy from high energy usage to low energy usage.

PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing

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WORLD: RISE IN OIL OUTPUT CALLED FOR

Article Abstract:

Energy watchdog, the International Energy Agency has underlined the need for a significant increase in crude oil, as stocks decline and prices rise. The agency estimates that another 2.3mn barrels a day, in addition to the current output of 75mn, is needed to restore stocks to their seven-year average level.

Sales & consumption, International Energy Agency

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Slow starter drills into the big league

Article Abstract:

Oil is significantly boosting the Sudanese economy, with government officials indicating that oil exports could raise as much as $500 million a year. Proven oil reserves are now estimated at 1.7 billion barrels, but actual reserves could be as much as 3 billion barrels.

Production management, Sudan, Economic aspects, Exports, Natural resources

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