ODAC Newsletter - 13 March 2009


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.

In the run up to OPEC’s meeting in Vienna on Sunday, the cartel is split along the usual lines, with Iran and Venezuela calling for further cuts in output, and Saudi reported to prefer closer adherence to existing quotas. In Guest Commentary this week, Sadad Al Husseini, former Executive Vice President for Exploration and Production at Saudi Aramco, offers five reasons why no further cuts are necessary. 

The US Energy Information Administration (EIA) cut its global oil demand forecast yet again in its Short-term Energy Outlook released this week. The EIA now expects demand to fall by 1.4mbd 2009, 200,000 barrels more than it predicted only last month.

With no end to the economic gloom and reports that China has filled its strategic oil reserve and is reducing imports, some commentators anticipate a further price collapse. Many energy companies are hurting even at current prices, but Exxon in contrast promised this week to increase its 2009 capital spending and predicts global energy demand will grow 35% by 2030.

As the Copenhagen climate change summit approaches governments are grappling with low carbon ways of meeting their future energy demand. Spain, a country with no domestic fossil fuel resources, announced this week that it is now producing nearly 30% of its electricity from locally installed renewables. Another possibility that is gaining currency is to combine a wide range of renewables through a supergrid although, as with carbon capture and storage, the concept has not yet been demonstrated at scale.

In the UK this week the Business Secretary, Lord Mandelson and the Energy and Climate Change Secretary, Ed Miliband launched a new UK vision for a low-carbon industrial strategy. However, with the cabinet reportedly split over funding, the document was more fanfare than strategy. With growing concern that the UK is becoming too reliant on gas for heat and power, and time running short to replace opted-out coal and the ageing nuclear fleet, the government’s low carbon credentials will soon be tested.

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Disclaimers

Oil

Saudi wants OPEC to comply, not cut more-report

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Iran and Venezuela lead calls for cuts in production within Opec

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EIA lowers oil demand forecast in latest short-term outlook

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Wondering if Crude Could Fall Even More

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Oil majors ease with current crude prices will not last

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China govt oil reserve full - shipper

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Iran Needs $24 Billion for Oil Projects This Year, Etemaad Says

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Oil giant to increase 2009 spend to $29bn

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Government rescue plan for North Sea jobs

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Sasol slashes capital expenditure

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Gas

Expansion of LNG threatens gas glut

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Hungary, Russia to sign pipeline deal

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Coal

Trouble in store

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Renewables

Green grid

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£50bn of European investment needed to kick-start Saharan solar plan

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Windmills tilt Spain to cleaner green energy

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Wind farms seek state aid to keep moving

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Waterways invests in hydro-power

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Economy

World Bank offers dire forecast for world economy

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UK

Darling vetoes plans for green revolution in snub to Mandelson

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Scottish Power to build gas-fired station

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Britain has only four days of gas left in reserves

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Transport

Airline industry ‘in crisis’

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Maersk is rocked by 20% fall in shipping

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Disclaimers

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