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:  

The Ukraine conflict, peak cheap gas and the MH17 tragedy

The number of countries with fossil fuel conflicts and wars is increasing. …

Peak oil notes - July 31

A mid-week update. Crude prices continued to fall this week as markets …

New Russia Sanctions: Washington, Delusional About US Energy Capacity, Lashes Out

The effect of the sanctions will be to speed the Russian decline, forcing up …

Shales vs. solar: An investment perspective

But perhaps the real proof of a new energy paradigm shift lies in the fact …

Peak Oil Review - July 28

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

The Changing Face of World Oil Markets

My conclusion is that hundred-dollar oil is here to stay.

IEA Oil Market Forecast: Optimistic Assumptions And An Economy Unable To Grow Out Of Its Problems

The International Energy Authority does does its best to paint a rosy …