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.
Falling oil demand forecasts are becoming something of an institution these days, and in April the International Energy Agency, the US Energy Information Administration and OPEC all cut yet again. The IEA, advisor to 28 governments, now predicts 2009 demand will be 2.4 mb/day below 2008 levels. With OPEC still failing to meet its quota cuts - compliance is reported to be around 83% - the oil price seems unlikely to move out of its current range in the short term.
Despite high stockpiles and reduced oil demand, there are still difficulties ahead, according to Michel Mallet, General Manager of Total's German operations, in an interview with Der Spiegel: “The old oil fields are dying. In the future, we will have to invest more and more just to maintain existing production”.
In the UK this week the government remains blithely unconcerned about peak oil, and announced the potential sites for the planned next generation of nuclear power plants. The announcement, which covers England and Wales, described nuclear power as part of a low carbon Britain but also focused on the future benefits of this policy to the economy and employment sector. The Scottish government, which is not pursuing a nuclear policy, pointed to the jobs being created now in the renewables sector, an area where according to a report by the Institute for Public Policy Research, the UK overall is missing out.
OIL FUTURES: Crude Declines After IEA Chops Demand Forecast
World 2009 oil demand seen 180,000 bpd less - EIA
Oil Prices Rise After U.S. Fed Reports Slower Regional Declines
OPEC Pumps 722,000 Barrels More Than Daily Target as Cuts Stall
We spend millions on smallpox, but nothing on this far greater threat
'We Have to Save, Save, Save'
Deals Help China Expand Its Sway in Latin America
Iraq: the legacy - Basra's failed oil bonanza
London’s Smoky Outskirts Probed for Moving CO2 to Sea
New era for fossil fuels as first carbon capturing power plant begins work
Mixed reaction to new generation of nuclear power stations
Governments fall out over nuclear
UK wind industry jobs growth potential 'at risk'
Biomass energy 'could be harmful'
Biomass has potential but we must assess its full environmental impact before it gets the
Poland to Buy Qatari Gas, Limiting Russian Dependence
France moves to revive rail freight
Helsinki has all its hot water on tap
China’s quarterly GDP slows to 6.1%
Oil price fall sees deflation return to US for first time since 1955
Labour's £5,000 sweetener to launch electric car revolution
Lobby group hopes Chancellor will lift tax burden hanging over North Sea oil and gas industry