September 2009
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News from September 2009

The IEA and peak oil

Dr. Fatih Birol, Chief-Economist of the IEA (the agency which advices OECD countries on oil, including the US) and “one of the most powerful men on earth” according to the British newspaper, The Guardian[1] has lately attracted extensive media attention.
Indeed, in a recent interview to the British newspaper, The Independent[2], Dr. Birol was reported to [...]

Easy oil is never far from the cutting edge

Fly out by helicopter 300 kilometres over the Gulf of Mexico. The water here is more than a kilometre deep, and hurricanes like 2005’s Katrina sweep through every year. Now drill an exploration well costing some US$100 million (Dh367m), through sand and shifting layers of salt. The well, one of the deepest ever, goes further [...]

Strong oil prices boost UAE fiscal surplus

Strong oil prices coupled with high crude production boosted the UAE’s fiscal surplus to a record high of Dh127 billion in 2008 but the balance could turn into a deficit this year, Western estimates showed yesterday.
The surplus swelled to an all-time high despite a sharp increase in public expenditure by the federal government and each [...]