Thursday, November 8, 2007

oil demand rising as oil output declines

A recipe for disaster if ever there was one. Worldwide oil production decreasing as demand skyrockets...

"The IEA said that China and India will account for around 45 per cent of the increase in global primary energy demand through 2030, when the world's energy needs are expected to be well over 50 per cent higher than they are today.
The agency added that the two emerging economies' growing appetite for crude oil imports, predicted to quadruple by 2030, could create a "supply" crunch as early as 2015. "

And meanwhile...

"In just the past six months, however, the signs of an imminent peak in conventional oil production have become impossible even for conservative industry analysts to ignore. These have come from the take-no-prisoners world of oil pricing and deal-making, on the one hand, and the analysis of international energy experts, on the other."

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