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!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …

Peak Oil Review - Aug 22 2016

 A weekly roundup of peak oil  news, including: -Oil and the …

Limitless imagination and physical limits

How do we distinguish those ideas that are forever going to remain in the …

Some Reflections on the Twilight of the Oil Age (part III)

The impact of the Tooth Fairy Syndrome is all the more felt in the main …

Peak Oil Review: A Midweek Update - 18th Aug 2016

 A midweek update. Oil prices climbed for the fifth straight day on …

Facts and Falsehoods in Energy Transition  

We...try to separate fact from falsehoods in this wide-ranging interview. It …

In Scathing Review, EPA's Science Advisors Tell Agency Not to Downplay Fracking-Related Water Contamination

On Thursday, the Environmental Protection Agency's scientific advisors …