The Paris-based International Energy Agency (IEA) reported today that they expect global oil demand to fall 2.6 million barrels per day (Mbd) in 2009, .24 Mbd lower than their April forecast. As I wrote last month, falling oil consumption can lead to lower overall global greenhouse gas emissions. And IEA’s prediction of even lower oil demand leads me to believe a 2009 emissions drop is now (more…)
Posts Tagged ‘IEA’
New report shows global emissions likely to fall
Thursday, May 14th, 2009IEA Predicts $150 Oil by 2020s as Fields Deplete
Friday, November 7th, 2008
The Paris-based International Energy Agency was formed during the oil crisis of the 1970s to help consumer countries best coordinate mitigation of politically-induced oil scarcity 30 years ago. They helped to spur demand reduction and supply stability that brought prices down to historical norms in the mid-1980s. But now they warn of a more serious and long-term development in the oil sector: the age of cheap oil is ending because (more…)
Gas prices fall toward $2.50, long-term oil supply questionable
Wednesday, October 29th, 2008Pump prices for gasoline across the country fell another four cents this morning to average $2.589 per gallon. Current trends are poised to bring prices to $2.50 by election day. This shift has huge implications for US consumers, since we spend over half a billion dollars less every day than at the peak price of $4.11 in early July ($1.50/gallon*42 gallons*9 million barrels/day). Hopefully these savings can help get Americans’ finances in order to pay our debts down and get us out of the recession. The price may fall another 20 cents, but I see a medium-term floor for prices ~$2.30-$2.50 due to the difficulty to grow oil production at today’s price below $70 per barrel.
And the glimpse of a draft IEA report had some sobering insight into long-term oil production. (more…)
IEA Confirms non-OPEC Production Peak Imminent
Monday, July 21st, 2008Ever since July 2007, the International Energy Agency (IEA) has taken the concern of people like me a lot more seriously. A mix of geologists and energy observers have been worried about a potential oil supply future where production hits a plateau and even declines by the late 2010s. IEA calls for demand reduction and supply investment have gotten louder and louder as the months pass by. And today, IEA chief economist acknowledged that we are within two years of the peak in production of non-OPEC conventional oil. This means (more…)