Opec

Global offshore energy spending will rise by almost one-third between now and 2013 versus 2004-2008, despite cuts in capital spending budgets, according to an analysis by Douglas-Westwood.

Energy Secretary Samuel Bodman reaffirmed his opposition last Tuesday to the creation of an OPEC-like organization for natural gas, saying it would pose problems for both producing and consuming countries.

Energy Secretary Samuel Bodman reaffirmed his opposition Tuesday to the creation of an OPEC-like organization for natural gas, saying it would pose problems for both producing and consuming countries.

Despite strong demand and soaring crude prices, EIA places mostof the blame for the current high gas price situation on tightsupply. “Although rising crude oil prices have encouraged naturalgas prices to advance, the primary cause of these elevated gasprices has been the delicate supply situation,” EIA said.

Anadarko CEO Robert J. Allison Jr. is not alone in predicting asustained oil market recovery now that OPEC has decided it can livewith a little less supply on the market. But unlike most of theother optimistic soothsayers attending the Howard Weil EnergyConference in New Orleans last week, Allison sees a majorturnaround ahead and much greater volatility than has been presentin market cycles of the past.

Anadarko CEO Robert J. Allison Jr. is not alone in predicting asustained oil market recovery now that OPEC has decided it can livewith a little less supply on the market. But unlike most of thesoothsayers attending the Howard Weil Energy Conference in NewOrleans, Allison sees a major turnaround ahead and much greatervolatility than has been present in market cycles of the past.