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ODAC Newsletter Nov 9

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

The end of the US election season and a return of the incumbent Barack Obama saw oil markets turn their attention back to the economy. Despite much talk of upside the picture remains bleak with the US showing a huge deficit, and the EU still unresolved on how to deal with its highly indebted members. Oil prices showed their steepest decline of the year on Wednesday before recovering slightly to around $107/barrel for Brent.

OPEC acknowledged both the growing impact of shale oil, and the depressed global economy in their 2012 outlook. The group forecast a significant impact for shale in the coming years, but expects only modest shale growth from 2020 with the "best shale oil plays tapped first". It expects the oil to continue to come at a high price though remaining around $100/barrel — of course many OPEC nations require a high price to balance their national budgets. In Iraq, the other great hope for new oil, the lack of an oil policy was in focus again this week as Exxon announced plans to pull out of its $50 billion West Qurna project. Exxon is moving ahead with deals under more favourable terms in Iraq's Kurdish region. Such developments must call into question the IEA's recent projections for Iraqi oil production growth.

In the UK negotiations on the energy bill continue both behind the scenes and in the newspapers. A group of 20 Conservative MPs wrote to the Prime Minister outlining their concern that the government is putting renewables investment at risk. Renewable, nuclear and CCS business leaders combined forces in a letter to Ed Davey in support of a decarbonisation target in the energy bill. Meanwhile a new report from the London School of Economics in association with Npower Energy and the economy: The 2030 outlook for UK businesses recommends that businesses focus on energy efficiency and self-generation since energy is likely to expensive in any event.

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Shale oil will change global supply, Opec admits

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Iraq says Exxon to quit oilfield, ends Turkey TPAO deal

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Iraq's oil: The Kurdish opening

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Oil lobby and Koch-backed groups spent $270m on anti-Obama ads

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Oil Fluctuates After Rebounding From Lowest Level in Four Months

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Rio Says World Cup a Bust as Congress Strips State of Taxes

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Italy looks to boost crude oil production by 150% in energy policy shakeup

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Government 'prepared to walk away' from EDF nuclear talks

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Sellafield audit shows safety costs spiralling

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Onshore wind farm costs plummet by over a third

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Government causes wind farm 'investment freeze'

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MPs haul Severn Barrage scheme out of cold storage

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Exclusive: Newport community solar project raises £50,000 in one week

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Report: Returns from solar soar as panel costs fall

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Windfarms: is community ownership the way ahead?

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Ethanol Going Ugly Turns Bush Plan Into Obama Test

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UK energy sector requires £330bn to achieve carbon targets, says LSE report

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Landlords poised to flick switch on £100m energy efficiency scheme

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Opower turns customers on to energy efficiency

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Cameron set to defend coalition's position on green economic growth

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Industry letter calls for decarbonisation target in energy bill

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Huge scale of UK's 'dash for gas' revealed

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European companies announce 10,000 job losses

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