Building a world of
resilient communities.

MAIN LIST

 

World oil prices set for significant fall over next two years

LONDON, Oct 26 (AFP) - World oil prices will be driven down over the next two years due to there being enough crude to meet soaring demand, Claude Mandil, executive director of the International Energy Agency (IEA), said here Tuesday.

Supply and demand "fundamentals do not justify current oil prices", Mandil told reporters gathered at the Oil and Money conference in London.

"Current prices are not sustainable and market fundamentals will drive them down in the next two years," he added.

Mandil spoke as the IEA said global oil reserves would remain abundant for several decades despite a surge in energy demand.

In its World Energy Outlook 2004, released in Paris, the IEA predicted energy demand would rise by 59 percent between now and 2030 but that oil prices would average no more than 35 dollars a barrel.

Nevertheless, the IEA said vulnerable supply routes and reliance on fossil fuels loom as potential risks.

New York's main oil contract hit an all-time high of 55.67 dollars a barrel on Monday on fears of a major disruption in Norway, which has since faded, easing prices.

Editorial Notes: Not everyone seems to agree: www.energybulletin.net/2841.html

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:  

Lab rats and the corruption of how we count

The numbers that come our way are calculated and disseminated by people who …

Citizens Can Sue Fracking Companies for Earthquake Damage, Says Oklahoma Supreme Court

Oklahoma almost never used to have earthquakes. But in the last six years …

Peak Oil Notes - July 2

 A midweek update. Despite a rally on Tuesday, New York oil …

Asia depends on Middle East for 66 % of its oil imports

Of Asia’s total incremental oil imports since 2001, 4.5 mb/d (47%) …

Rural Colorado Leads the Charge for Energy Freedom

Last week the Western Slope Colorado witnessed a huge victory for energy …

“We are in danger of winning. But….”  

First in-depth radio interview on The Winning of the Carbon War, on Radio …

Renewable Energy Redoubles its Global Reach

A significant threshold has been crossed by renewable energy as analysts …