Oil drops 9 pct as demand outlook overshadows OPEC
U.S. crude prices dropped more than 9 percent to $36 a barrel Thursday as slumping demand and swelling U.S. inventories offset OPEC’s record supply cut agreement.
Archive for the 'Economy' Category
OPEC Goes on the Defense
The slowdown in production has oil companies worried about what will happen when the global economy recovers. Royal Dutch Shell vice president Marvin Odum warned, “We’re in remission right now,” he said, but when oil demand rebounds, “the energy challenge will come back with a vengeance.”
Global oil supply will peak in 2020, says energy agency
The IEA is very constrained in what it can say - by the demands of its constituent governments - so you have to read between the lines. We believe that peak oil will come about in 2013 at the latest but the real concern from the IEA is the adjustment of production figures,”
IEA’s Birol Says Drop in Oil Prices May Halt Project Investment
http://bloomberg.com
By Tara Patel
Dec. 10 (Bloomberg) — A further decline in global oil prices may delay or halt investment in exploration and production projects, according to Fatih Birol, chief economist of the International Energy Agency.
“If prices were to go lower, investments could be delayed or canceled and we would pay the cost in the future,” Birol [...]
The Peak Oil Crisis: July 2008 – A Month To Remember
There is a growing consensus among those who follow such things, that the new high of world oil production (87.9 million barrels a day) reached last July is likely to go down in history as the all-time peak.
Falling oil prices hurting OPEC members
After throwing a wrench into Canada’s oil sands growth and messing up Alberta’s budget surplus, slumping oil prices are beginning to bite into the government budgets of many OPEC members, Tristone Capital Inc. said in a report.
Russia close to economic collapse as oil price falls, experts predict
Russia is now lurching towards a major economic crisis, experts predicted today, following news that the price of oil had slumped to under $50 a barrel
IEA: After the credit crunch, the oil crunch: watchdog warns over falling supplies
• World needs to find 64m extra barrels a day by 2030
• Green revolution required to replace fuel sources
How Parked Cars Could Power the Future
The concept, called vehicle to grid (V2G), is based on the fact that your car is typically not being used 90 percent of the time. “What if it could work for you while it sits there?” said Jeff Stein from the University of Michigan.
IEA: Global Oil Production Is Falling Faster Than Expected, FT Says
annual production is set to drop by 9.1 percent in the absence of additional investment, according to the draft of the agency’s World Energy Outlook