Consumption & Demand

Growth in global oil market slows

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Global oil consumption increased by 0.7 percent in 2011 to reach an all-time high of 88.03 million barrels per day, according to new research conducted by the Worldwatch Institute for its Vital Signs Online service. This rate of increase was considerably slower than in 2010, when oil consumption rose by 3.3 percent following a decline of 1.3 percent in 2009 due to the global financial crisis.

Commentary: America’s new energy reality – A bidding war for declining global net oil exports

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Americans are reading, almost on a daily basis, about increasing oil and gas production in the US. For example, Daniel Yergin wrote about his optimistic outlook for increasing US oil and gas production in an OpEd piece in the June 10, 1012 New York Times entitled “Americas New Energy Reality.”

It’s certainly true that US oil and gas production has rebounded from the production low following the 2005 Gulf of Mexico hurricanes, but a careful analysis of the production data suggests that the production outlook it not quite as rosy as most people seem to believe.

Peak Oil and Climate Change: a Midsummer Night’s Meditation

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It is becoming increasingly clear that on the individual level at least, there is precisely no reasonable response to peak oil and climate change. This is an improv, a dance with emerging possibilities, and an invitation to get in touch with something that is deeper than reason and capable of reforming it, difficult as that may be to describe in reasonable terms.

OECD Oil Stocks

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Yesterday, I was musing over the fact that global oil supply has pretty much stopped growing in 2012, and that this seems strange given that prices are falling. My hypothesis yesterday was: the global economy is still growing so oil demand must be still growing. Thus with flat supply, prices should be growing. The fact that they are falling must thus represent fears about the future (Eurozone triggered financial implosion).

Highlights of the 2012 BP Statistical Review

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Last week the 2012 BP Statistical Review of World Energy was released. I always look forward to the release, because the data represent the most comprehensive, publicly available database on energy consumption and production statistics. I have now read through this year’s report, picking out what I believe are important trends and data points.

Eating our way to a better world? : A plea to local, fair-trade, organic food enthusiasts

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The organic and fair-trade industries are booming, Farmers Markets are the new norm, the word “locavore” was added to the Oxford Dictionary, and Michelle Obama even planted a White House garden. But agribusiness continues to consolidate power and profit, small farmers worldwide are being dispossessed in an unprecedented global land grab, over a billion people are going hungry, and agriculture’s contributions to climate change are increasing. It’s not just that change is slow, but we actually seem to be moving in the opposite direction than alternative food movements are trying to take us.

Preface to Sharing for Survival (a new book from Feasta)

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In confusing times one approach that makes sense to me is to put lots of seeds out trying lots of different things. The more approaches that are tried the more likely some are to work. As we are not all approaching the climate problem, and the limits to growth situation, from the same place we do not have the same connections, or the same resources, the same knowledge and ability to apply ourselves to a common unified path. It is inevitable that we try different paths. There’s a metaphor that is commonly used in discussions of spirituality that the view from the top of the mountain is the same. However because we are starting out from different points, the path up the mountain will be different.

ODAC Newsletter – 8 June 2012

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At the end of March, when Brent traded at around $125 per barrel, Saudi oil minister Ali al Naimi wrote a sharply worded article in the FT claiming there was no justification for such high oil prices, and Brent has since slumped to $100, which happens to be the Saudi target price. The decline is likely to be temporary, however, and Mr al Naimi soon shown to be as influential as King Canute…