Oil is near its historical high - it hit 69.15 during the night and is varying between 68 and 68.50 by the hour, yet it is not being reported almost anywhere as far as i can see. also, brazil's ethanol prices are up because of drought and other production problems. this should be a warning to people that biofuels are dependent on today's natural forces far more than oil or gas. Brazilian Economists Raise Inflation Forecast to 4.61%

Kuwait oil reserves only half official estimate-PIW 

Friday 20 January 2006, 1:32pm EST
Source: Reuters 

World Proved Reserves of Oil and Natural Gas, Most Recent Estimates
EIA, posted January 18, 2006

Petroleum service industry booms as more wells are required to maintain output.
From The Globe and Mail
ALBERTA VIEW: OIL AND GAS
Report on Business Column
Energy services firms keep drilling big profits
DEBORAH YEDLIN
17 January 2006

“Look at it this way: A decade ago, a company could drill a natural gas well, have it produce at 20 million cubic feet a day for a number of years before seeing a decline. Today those wells are harder and harder to find, with the result that more companies are sinking wells that produce a million cubic feet a day — but they drill 20 of them to get to that level of production. This level of activity increases the demand for rigs and associated services and fuels the boom in the companies operating in the sector — numbering 5,000 in Alberta alone.

This demand for rigs is manifesting itself in high utilization rates — now at 94 per cent, according to FirstEnergy's Kevin Lo — and the building of new rigs. There isn't a drilling contractor out there, Mr. Lo notes, that isn't increasing capacity.

Indeed, the rig manufacturers — many of which are based in and around Edmonton — are booked through 2007.

While some might be nervous that the sector's rush to add capacity could come back and bite it if there is a downturn, the reality is the numbers of wells needed to replace existing production are going in one direction: up. Moreover, the importance of coal-bed methane — which involves the drilling of many wells in an area in order to maximize the resource — as a source for natural gas is on the rise, accounting for about 4,200 of this year's total well count.

One would expect the high demand for rigs would be pushing prices through the roof, but so far the rate charged per day is up 15 per cent over the year. That's because most of the fleet is contracted out on a long-term basis. And more of the smaller companies are entering into longer-term agreements with the drilling contractors; it's no longer the exclusive domain of the big players. This again speaks to how hot the market is and the need to secure services in order to carry out capital expenditure programs and meet production forecasts.

The service sector might not be as sexy and sophisticated as other industries, but there's no arguing with the fact it's making money — lots of it — and showing no sign that anything is about to slow down the torrid pace.”