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.

The first round in the great Iraqi oil sale was an interesting affair if not a very conclusive one. In the live TV auction which took place on Tuesday, only one deal was reached as international oil companies refused to meet the terms demanded. This is of course only the beginning of a tough match in which the Iraqi government attempts to balance long-term ownership and profits with the need for expertise and revenue now. The prize is such that the oil companies will continue to play the game.

The International Energy Agency (IEA), which launched its Medium Term Oil Market Report this week, recognised the difficulties faced in Iraq stating that it expects no significant oil output increase from Iraq in the next 5 years. In the report the agency cut its OPEC production capacity growth prediction over the same period by nearly 50% and reduced its global oil demand forecast, predicting a rise of only 0.6% per year to 89b/d by 2014. For natural gas the IEA reported that demand in 2009 is set to fall for the first time in 50 years.

In Washington this week the House of Representatives narrowly passed what could be the first US national legislation to reduce greenhouse gas emissions. The American Clean Energy and Security Act now goes to the Senate, where it is likely to be hard fought and watered down further to get through. The passing of the bill would however still be a significant landmark.

Meanwhile in the UK Gordon Brown and Ed Miliband this week launched Road to Copenhagen, a blueprint for an international climate change agreement. The document, which addressed the need for developed nations to assist the developing world in achieving low carbon growth, was welcomed by many environmental groups. However the government’s poor track record on sustainability was highlighted this week by the Sustainable Development Commission in a report entitled Where We Are Now.

Oil
IEA sees OPEC capacity growth at just 1.7 million b/d between 2008-2014
Oil watchdog cuts demand forecasts
China Increases Diesel, Gasoline Prices to Help Oil Refiners
Russia invites Shell back to Sakhalin as finances plummet

Iraq
Oil companies reject Iraq's terms
Flop to some Iraq oil sale may be victory to others
Iraqis are too shrewd to fall for an ‘invisible’ occupation

Gas
Gas demand set for first fall in 50 years
Gazprom in Azerbaijan gas deal
EU brings Russia and Ukraine together for gas talks

Renewables
250,000 jobs and £70bn revenue - the forecast for a thriving UK renewables sector
Nuclear industry accused of hijacking clean energy forum
Wind 'can revolutionise UK power'

UK
Report: U.K. must "decarbonise" as oil industry faces loss of up to 50,000 jobs
British Gas creates 2,600 new jobs
Scientists attack energy industry
Warning: Britain faces new recession
Britain's green shame

Climate
Climate Plan Faces Challenge After Narrow U.S. House Victory
Gordon Brown and Ed Miliband's blueprint for global warming deal
Growth of global carbon emissions halved in 2008, say Dutch researchers
ExxonMobil continuing to fund climate sceptic groups, records show

Transport
£30bn shortfall threatens rail and road plans
Auto-ban: German town goes car-free