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Friday, 22 May 2009 |
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One commentator this week advising a longer term view on oil use was European Energy Commissioner Andris Piebalgs. In a piece for his blog he wrote that “It is difficult to forecast when the next oil crisis is going to come. As Nobel Prize Niels Bohr once put it “prediction is very difficult, particularly about the future”. But one thing is certain, one day we are going to run out of oil, and to prepare for that day we may be running out of time.” It appears that Mr Piebalgs view of the situation has altered somewhat since 2006 when he referred to peak oil as “no more than a theory”. Original Article
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Friday, 15 May 2009 |
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It has been a week of contradictions. On the one hand the oil price went
through the $60/barrel barrier for the first time in 2009 spurred on by lower
than anticipated US gasoline stocks. On the other the latest IEA forecast was
released estimating that 2009 will see the biggest fall in oil demand for 28
years [3]. This announcement, along with news from OPEC that the cartel’s
compliance [4] to production quotas was down in April from 82% to 77%, drove
prices back down on Wednesday.
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Thursday, 14 May 2009 |
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Fredrik Nerbrand, head of global strategy at HSBC Private Bank, has the world is nearing the point of "Peak Oil", the point when productivity reaches its maximum rate, as reserves continue to decline. He added that recession had made it clear that "even under the most depressed economic scenarios there is a shortage of oil." Read more |
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Monday, 23 March 2009 |
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‘The Transition Timeline’ by Shaun Chamberlin is the latest addition to the library of books covering Peak Oil, and Climate Change, while also providing material for those with an interest in the rightly popular Transition Town movement. |
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Friday, 20 February 2009 |
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Amid the deepening economic gloom, two important remarks about oil almost slipped under the radar this week. First, the government’s former Chief Scientific Advisor, Sir David King, admitted Iraq was all about oil, and went on to say it would probably be the first in a series of resource wars. Second, Christophe de Margerie, CEO of Total, predicted that global oil production will peak at 89 million barrels per day in 2015, barely 3 mb/d higher than 2008 production. Spot the connection, anyone? |
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Friday, 13 February 2009 |
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The annual CERAWeek conference is usually a relentlessly upbeat affair, but speeches and comments from Houston this week underlined the depth of the oil industry’s dilemma - caught between the urgent need to invest in new projects to offset depletion and the huge fall in revenues due to the plummeting oil price. At current levels production economics are challenging
even for relatively low cost producers such as Statoil - average cost $40/barrel- let alone the more expensive pre-salt or tar sands projects. Read the full newsletter |
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