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Energy Blast – Dec 20, 2010

Top U.S. military officer Admiral Mike Mullen has stated that Iran is attempting to make an atomic bomb and that the US is ‘very ready’ to counter that threat, should need be.  It is estimated by the BBC that ‘oil extraction levels in Russia could fall 20% by 2020‘ if the Kremlin does not oversee the modernization of its oil industry.  Government sources are confidently reporting that Russia fully replaced its oil and gas reserves in 2010 despite extracting crude at a record-high speed, and that oil companies’ own exploration efforts have helped bolster oil and gas condensate reserves.  Russia is apparently considering participating in the Turkmenistan-Afghanistan-Pakistan-India pipeline.  Could crude oil reach $94 a barrel?  A bidding war for Africa-oriented mining firm Riversdale is apparently imminent.  From Reuters, a profile of Iraq’s incumbent and, it would seem, soon to be reappointed Oil Minister Hussain al-Shahristani, who has the task of making the country’s ambitious oil targets a reality.