Building a world of
resilient communities.

MAIN LIST

 

Oil chief predicts $3 a litre petrol

ABC, AUSTRALIA - A senior Iranian oil executive has predicted the price of petrol in Australia will reach $3 a litre within three years as international oil prices hit new record highs.

Dr Ali Samsam Baktiari made the prediction while addressing a conference in Perth called "Oil - Living with Less".

Dr Baktiari is a chief adviser to the National Iranian Oil Company.

He says world production of oil will peak by 2007 at 82 million barrels a day.

"I don't think the world can pump much more than that, and any happening that will disrupt the slightest supply will send shock waves across the world and impact on the oil price," he said.

World oil prices have hit new all-time highs as Iraq's southern oil fields halted pumping to avoid a threatened attack by Shiite Muslim militia.

New York's light sweet crude for delivery in September surged $US1.02 to $US44.97 a barrel early afternoon, thundering past the previous record, set Friday, of $US44.77.

Brent North Sea crude oil for September delivery surged $US1.02 to an unprecedented $US41.65.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

Tags:  

Peak Oil Review - Sept 1

A weekly review including: Oil and the Global Economy, The Middle East & …

A Big Summer Story You Missed: Soaring Oil Debt

Last July the government agency, which has collected mundane statistics on …

Global Biofuels Status Update

Today I want to take a deep look at the global biofuels picture, drawing …

Peak oil notes - August 28

A mid-week update. Oil prices have been quiet this week trading around the …

Update on US natural gas, coal, nuclear, renewables

On August 6, I wrote a post called Making Sense of the US Oil Story, in …

The Peak Oil Crisis: When?

 The key question is just how many more months or years will production …

Community energy in Ireland: the technological aspects

It is important to keep in mind that technologies aren’t neutral.