Peak Oil Related Articles Around The World
Despite expectations of tighter supply and high prices, experts say demand growth will remain resilient. Oil prices charged to a record in 2005 and could rise even higher in 2006 as the United States implements clean fuel rules and world energy demand remains strong, experts said on Friday. The outlook means more headaches for businesses already squeezed by soaring energy bills, and consumers who have been forced to pay up for gasoline and winter heating fuel.
“A lot of factors that existed in 2005 will continue in 2006. We expect to see demand stay relatively strong,“ Joanne Shore, analyst at the US Energy Information Administration, told Reuters. While some companies have beefed up their refineries in response to high fuel prices, the new capacity is not expected to match rising demand in the world’s largest oil consumer and will continue to support prices, analysts said. “There have been attempts this year to solve the bottleneck in the refinery part of the energy equation. That is still not resolved,“ said Jason Schenker, analyst at Wachovia Bank in Charlotte, North Carolina.
OPEC, which controls around 40 percent of world crude exports, pumped nearly full out this year to build stocks and help bring prices down from record peaks. But analysts say the group may trim output levels next year to prevent growing inventories from depressing prices, and some OPEC members have signaled they want to lower production limits at its January 31 meeting. “OPEC is going to have to go back to some supply management again if they are going to hold a (price) floor. It should be easy for them to manage, it’s not like they have to cut a lot they will still be at high output levels,“ PFC’s Jamal said.
Oil Demand Seen Surging in Coming Decades
THE HAGUE, Netherlands - Global energy needs will surge 50 percent by 2030 and prices will rise if capacity is not significantly increased, the International Energy Agency said Monday in its 2005 World Energy Outlook. There are sufficient oil and natural gas reserves to meet those needs, particularly in North Africa and the Middle East, but about $20.3 trillion in new investments is urgently needed to bring those supplies to the consumer market, the agency said.
China Eyes More Energy Cooperations With US
BEIJING - China and the United States should increase co-operation on energy issues ranging from crude oil production overseas to civilian nuclear programs, China's top economic planning body said in a statement on its Web site. Co-operation should be deeper and more efficient, with priority placed on promoting stability in producing nations and secure oil shipping lanes, the National Development and Reform Commission said. The world economy would benefit if China has secure energy supplies, but U.S. concerns about the rise of China's fast-growing economy could lead to restrictive legislation, the commission added.
Persian Gulf Insecurity Can Upset Energy Balance
TEHRAN, Jan. 3--Chairman of State Expediency Council (SEC) Akbar Hashemi Rafsanjani said on Tuesday the energy supply and demand is presently balanced.Talking to Saudi Arabia’s ambassador in Tehran, Osama bin Ahmad Al-Sonosi, Rafsanjani said, “Any insecurity in the Persian Gulf region and even other regions of the world can upset this balance. This is not beneficial for anybody.“