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.
Oil prices and stock markets surged on Thursday after the G20 conference in London agreed what Gordon Brown claimed was a $1.1 trillion package to save the world economy, including a trebling of funds for the IMF and plans to crack down on the financial sector. But crude failed to regain the 2009-high of over $54 established last week, and in the real economy the latest data continued to reflect the depth of the recession, and its impact on both OECD and OPEC investment in oil projects.
Gordon Brown hailed Thursday’s summit as “The day the world came together to fight back against the global recession”, but what he failed to achieve was any agreement on further fiscal stimulus. Nor was there any commitment on climate or energy infrastructure, despite the efforts of prominent scientists ahead of the gathering.
Consideration of the environment was put off until another meeting in July, but don’t hold your breath: of the fiscal stimulus budgets already implemented, only a tiny fraction has been earmarked for the much touted ‘green economy’ – the New Economics Foundation calculates in the case of Britain, it is just 0.6% of the £20 billion recovery plan. It’s clear where most politicians’ priorities lie.
Crude Oil Rises as G-20 Agrees on Measures to Fight Recession
Non-OPEC oil supply to fall further, faster
Opec stares into the abyss
OPEC oil output above target for March
Iraq qualifies nine firms for 2nd oil bid round
Russian March gas output collapses, oil rises
Russia warns on Ukraine credits during gas row
Stern: ‘Kingsnorth should be shelved’
Berlin agrees carbon capture rules
Solution to the carbon problem could be under the ground
Tories attack plans to sell off UKAEA’s clean-up business
Statoil seals £1bn deal for windfarm off Norfolk
Renewables desperate to feel breath of funds
Leaders to meet in summer for special climate change talks
Economy vs. Environment
Carbon blanket will soon be spread to cover emissions from mainstream industry
Russia plans military force to patrol Arctic as ‘cold rush’ intensifies
G20 summit: Gordon Brown announces ‘new world order’
Climate change experts call on G20 members to commit to action
Green spending in UK economic rescue package ‘negligible’
World Bank warns of social discontent in Russia
Call for urgent Ukraine reform