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:  

Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

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 …