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ODAC Newsletter June 15

Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre at nef dedicated to raising awareness of peak oil.

This week saw the release of the annual BP statistical energy review. In the words of the press release 2011 was a year of "disruptions to supplies and ever-increasing demand". The big stories for oil were supply disruption in Libya, a record average oil price of $100/barrel, an average annual Brent price rise of 40%, a decline in OECD consumption of 600,000 bpd, and an increase in US production of 275,000 bpd — the largest increase outside OPEC. The message Bob Dudley wanted to get across was the power of open markets to supply energy, and the growth of global proven reserves. The message he ignored was the underlying depletion rates on the easy to produce oil. Proven reserves have increased, but so has the cost at which they can be extracted, while the energy return for producing them is on a downward curve.

The IEA warned this week that despite the recent drop in prices, oil is still sufficiently expensive to be a severe drag on the economy. Support for this view came this week from Terry Leahy, former boss of Tesco. Leahy told Channel 4 news that the main reason for the current financial woes in the UK is that the UK has been suffering an "oil shock" since 2010. OPEC also appeared to agree as members decided against a production cut —in reality of course any cut would be expected to come from Saudi Arabia and the rumour is they are already doing it.

In the UK this week it was a good week for wind. In a speech at the Global Offshore Wind Conference Ed Davey referred to "the quiet majority out there" who are pro wind energy expansion — a challenge to the less than silent minority on the Conservative back benches. Meanwhile an industry-led report released on Thursday detailed a plan to slash costs by 30% by 2020. Still in the balance is the government's position on what subsidy will be available to wind in future. DECC had been aiming for a 10% cut to reflect cost reductions, however the word is that George Osborne is pushing for 25%. While Davey used his speech to underline the government's commitment to its renewable targets and the relatively low cost of subsidies to offshore wind — a cost of 1p per day to the average household in 2010/11 - there was no update on the subsidy cut. The upcoming decision will give an indication of who is driving energy policy, DECC or the Treasury.

View our Reports and Resources page

Oil

World oil reserves up 8 percent, supply fears persist

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Saudi under pressure to prevent oil price collapse

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IEA Sees Economic Growth Risks in Better-Supplied Oil Market

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OPEC to keep oil limits on hold

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China oil imports to top May record on low prices, stockpiling

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Japan to pass bill to insure Iran oil imports - report

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Oil price could plunge to $50, says Credit Suisse

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Lower gas prices not enough to lift US economy

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'Oil shock' hitting demand says former Tesco boss

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Coal

Coal's resurgence undermines fight against global warming

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Nuclear

E.On seeks nuclear damages from German government

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Japanese mayor approves plan to restart nuclear power plant

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Renewables

U.S. Solar Grew 85 Percent In First Quarter, SEIA Says

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Biofuels

EU biofuel aid 'inflates food cost

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Brazil biofuel: Shell axes 'illegal' sugar cane plan

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UK

Davey claims "clear mandate" for expansion in wind energy

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MPs to investigate the economics of wind power

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Offshore wind sector unveils plan to be cost competitive by 2020

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Green deal would see home insulation rate plummet

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EU's energy efficiency ambition set to fall after UK lobbying

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Switch flicked on world's largest offshore wind farm

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Transport

Europe's airlines 'face record loss'

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