The International Energy Agency Friday raised its estimate of global oil demand in 2004 by 50,000 b/d to 79.63-mil b/d. The upwards revision was based largely on evidence that the demand recovery in non-OECD Asia is gaining momentum. Demand this year is expected to grow by a healthy 1.22-mil b/d from 2003’s average, down from last year’s year-on-year increase of 1.45-mil b/d. In terms of oil demand growth China is expected to lead the rest of the world in 2004, with its average daily consumption expecte to rise to 5.79-mil b/d from 5.46-mil b/d in 2003, the Paris-based IEA said in its latest monthly report.
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Iran, U.S., and the Rest: The Unavoidable Pig in the Python
In this episode, Nate offers a personal reflection on the unfolding geopolitical tensions surrounding the Strait of Hormuz, beginning with an examination of how disruptions to fossil fuel flows propagate through the global economy, but with a time lag.
March 30, 2026
Iran to Trump: If you destroy us, you destroy yourself
So, there you have it. Trump and his team have stumbled into a war they cannot win. If the war does not end soon, it will likely destroy the world economy for lack of energy supplies and plunge it into a deep, years-long depression, one from which it will be difficult to emerge.
March 29, 2026
Entropia and the Disintegration of Empire
As the current situation (March 2026) around the Strait of Hormuz continues to destabilise the global economy, it is timely to return to Alexander’s analysis outlining ‘the Disintegration of Empire’ (being Chapter Two of Entropia).
March 23, 2026
