Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.
Wednesday saw the long awaited release of the International Energy Agency’s 2008 World Energy Review – although the executive summary had already been leaked and widely covered.
The report marks a significant shift for the Agency: its oil production forecast for 2030 has been slashed by 10 million barrels per day, and its price forecast for that year doubled to $120 in real terms. The IEA continues to deny the imminence of peak oil, but warns of a “supply crunch” by 2015 if upstream investment does not increase. This seems very likely since projects are now being shelved almost daily, with WTI now in the mid $50s. For further insight see the excellent Guest Commentary from new ODAC trustee Richard Miller.
The IEA report also warns strongly of the unsustainability of current global energy consumption trends, declaring that business as usual would take the world to a 6 degree Celsius rise in temperature – which would almost certainly mean the extinction of our species.
So as news on the global economy goes from bleak to bleaker, world leaders face the challenge of making an urgent energy transition. The separation of economy and ecology is not an option. Addressing the energy crisis will need to be front and centre in all future planning.
IEA warns of new oil supply crunch
Guest Commentary: Dr. Richard Miller
IEA report on oil gets angry Opec reaction
IEA slashes world oil demand growth forecasts
Oil price rebounds on supply cut threat
U.S. Cuts Oil Price Forecast 43% on Demand Outlook
Putin says Russia should act to influence oil prices
Producers in turmoil as Russian oil hits $10 a barrel
Ex-official says Mexico may have to halt oil exports
Oil-Sands Spending to Fall 20% on Shell, Suncor, Encana Delays
Petrobras Goes From First to Worst Among 10 Biggest Oil Stocks
Putin says Russia may scrap Nord Stream pipeline
Power supergrid plan to protect Europe from Russian threat to choke off energy
Bigger Oil: Should Wind Power Be Next on Big Oil’s Investment Agenda?
Setback for Government’s green agenda as BP quits key projects
Temperature set to rise by 6C, energy agency warns
China tells rich states to change
Recession Hits Germany
China to `Take Advantage of Good Timing’ to Change Fuel Pricing
Indian truckmakers cut output