" />
Building a world of
resilient communities.

MAIN LIST

 

ODAC Newsletter - Nov 5

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 rose to a six-month high of more than $87/barrel as the Federal Reserve embarked on a new round of quantitative easing worth $600bn and Saudi Oil Minister Ali al Naimi raised his target oil price to $70-90 per barrel. Shokri Ghanem, chairman of Libya's National Oil Corporation said the price should be higher still, at around $100/barrel.

The Republicans victory in the mid-term elections is likely to stall any federal attempts to implement climate change legislation. One election battle which didn't go the oil companies' way however was over Prop 23 in California. The defeated proposal would have frozen a 2006 California law pledging the state to reduce its greenhouse gas emission levels back to 1990 levels by 2020, starting in 2012. With potential deadlock on Capitol Hill, any meaningful progress on climate is now only likely to come from State initiatives or regulators such as the Environmental Protection Agency.

Next Tuesday sees the release of this year's World Energy Outlook from the International Energy Agency. A draft seen by the Financial Times features a "new policies scenario" that shows how climate change policy measures, if implemented, could reduce global oil demand and prices compared to their central scenario. In the new policies scenario oil production reaches 99 mb/d in 2035 and costs $113 per barrel, compared to 107 mb/d and $135 in the central scenario. ODAC doubts either production forecast is credible since the central forecast is little changed from last year's WEO, suggesting the model still rests on the highly optimistic assumptions identified by researchers at Uppsala University.

In the UK this week a stand-off appeared to be developing between the oil and gas industry and off-shore wind interests over who gets the rights to the seabed in the North Sea. DECC played down the likelihood of any conflict, but UK Oil & Gas warned that "It would be most unfortunate if individual licensees were forced to resort to legal processes in order to defend the rights granted under their existing petroleum licences". One to watch.

Oil

Oil Trades Near Two-Year High as Dollar Heads for Weekly Decline

Back to top

Budget strain not behind higher Saudi oil price view

Back to top

IEA fears oil spike if climate pledges fail

Back to top

IEA warns Iraq will miss 2017 oil target

Back to top

BP ups spill cost estimate by $8 billion as profits dive

Back to top

Brazil Petrobras questions BG oil reserve estimate

Back to top

BP's Dudley Embraces Deepwater Risk in U.S., Brazil After Spill

Back to top

Persian Gulf Lacks Sufficient Supertankers for First Time in Almost a Year

Back to top

Opec: Cartel's power set to increase as stocks decline

Back to top

Clinton Facing Heat on Oil Sands Pipeline

Back to top

Analysis: Pipeline safety delays endanger oil supply, nature

Back to top

India's oil demand to jump 40 pc in next 10 yrs: PM

Back to top

Coal

BG launches £9bn project to liquify gas from coal

Back to top

Nuclear

British mining company in controversial uranium project near Grand Canyon

Back to top

Biofuels

Algae for biofuels: Moving from promise to reality, but how fast?

Back to top

UK

Oil lobby in legal threat to North Sea wind farms

Back to top

Wind farms could be forced out by oil rigs

Back to top

Work begins on Europe's largest straw-bale building

Back to top

Landlords forced to make homes green

Back to top

Biofuel power stations in planning pipeline

Back to top

Climate

Prop. 23 battle marks new era in environmental politics

Back to top

More Compromise -- or More Confrontation -- on Energy Policy Just Around the Corner for Congress

Back to top

Economy

US Fed turns taps back on with $600bn package of QE

Back to top

QE2 risks currency wars and the end of dollar hegemony

Back to top

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.


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 …

Energy Crunch: Global debate heats up

News that last month was the world’s hottest June on record provided …

Divest! - Then What?

Divestment is one of the great campaigns of our times.But the question then …