ODAC Newsletter - 12 December 2008


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.

With major output cuts expected from the OPEC meeting in Algeria next week, oil steadied around $45/barrel after its recent plunge. Saudi Arabia has already announced its own production cut, and OPEC is widely expected to axe another 1-2 million barrels/day. In a sign of how seriously oil producing nations are being affected by the oil price slump, non-member Russia has announced it will also cut back, co-ordinating its policy with the cartel for the first time ever.

The delicacy of the balancing act that OPEC must perform cannot be overstated. On the one hand, the World Bank has forecast ‘the deepest global recession since the Depression’, and the US energy department predicted global oil demand will slump by 450,000 barrels/day next year. But on the other, existing global oil production capacity is shrinking at anywhere between 2 and 4 million daily barrels per year depending on the forecaster, oil companies are cancelling production projects worldwide, and OPEC members always cheat. Setting the right level for oil production quotas will be harder than ever.

The increasing tension between economic growth, energy security and the environment was played out this week at the EU Climate talks in Poznan, Poland. UK Minister for Energy & Climate Change, Ed Miliband, called for a “popular mobilization” demanding global action to reduce carbon emissions. The climate and oil depletion challenge will also demand joined up thinking in government. With luck the postponement of the decision on a third runway for Heathrow might be a sign of that emerging. But don’t hold your breath.

Join us! Become a member of the ODAC Newsgathering Network. Can you regularly commit to checking a news source for stories related to peak oil, energy depletion, their implications and responses to the issues? If you are checking either a daily or weekly news source and would have time to add articles to our database, please contact us for more details.


Disclaimers

Oil

Russia and Opec prepare to cut oil production

Back to top

Saudi curbs supply in anticipation of OPEC deal

Back to top

IEA Says Oil Use to Fall for First Year Since 1983

Back to top

Global demand for oil to plummet

Back to top

IEA Cuts 2009 Global Oil Demand on Slowing Economy

Back to top

China slowdown could see oil at $25 a barrel, bank predicts

Back to top

Petro-Canada Slashes 2009 Spending on Plunge in Oil

Back to top

Iraq's oil-rich Basra province in autonomy move

Back to top

Gas

Gazprom dispute with Ukraine grows

Back to top

Coal

Oil Price Must Rise to Justify Coal Fuels, Rand Study Says

Back to top

As coal comes back into fashion, how serious are we about carbon reduction?

Back to top

Barack Obama's coal conundrum

Back to top

Colliery on track for record output shows King Coal is striving to regain crown

Back to top

Climate

Deal on climate and slump hangs in balance

Back to top

People power vital to climate deal - minister

Back to top

UK

Ed Miliband seeks more power for State in UK energy industry

Back to top

UK faces energy blackouts without investment in nuclear and clean coal

Back to top

Costs exclude thousands from fuel poverty aid

Back to top

Rolls and Balfour team up with Areva to generate 15,000 nuclear jobs in UK

Back to top

Transport

Airlines 'to lose $5bn in 2008'

Back to top

Heathrow on hold as plans split cabinet

Back to top

Israel pilots electric car network

Back to top

Economy

Recession will be longer and deeper than previously thought, says OECD

Back to top

Auto bailout deal worth $14bn collapses in US Senate

Back to top

Akpabio Warns: Economy Could Collapse in 6 Months

Back to top

Disclaimers

The items contained in this newsletter are distributed as submitted and are provided for general information purposes only. ODAC does not necessarily endorse the views expressed in these submissions, nor does it guarantee the accuracy or completeness of any information presented.

FAIR USE NOTICE: This newsletter contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of issues of environmental and humanitarian significance. We believe this constitutes a 'fair use' of any such copyrighted material. If you wish to use copyrighted material from this newsletter for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.