Running on empty? Fears over oil supply move into the mainstream


	Running on empty? Fears over oil supply move into the mainstream

JICWyllie

5-21-2008 9:03 AM

341 views

tags:

energy, oil, i-peak oil, i-supply, i-risks, i-increase

JICWyllie says:

This is the Financial Times!

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/82e0418c-095a-463a-bf4d-2a880fb8db08/5E34F3A4-E731-41C1-A1C6-D6E6C70FF153/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.ft.com/img/0EE24E97-7693-46ED-8D53-78064E5E5EEF" alt="Oil" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html">But with the oil price <A href="http://www.ft.com/cms/s/0/882b42c2-1a8a-11dd-aa67-0000779fd2ac,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html" title="Oil hits above $120 amid Nigeria concerns" class="bodystrong">at a record $126 a barrel</A>, more than 1,000 per cent higher than a decade ago, fears of the end of the hydrocarbon age have seeped into the mainstream</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html">So are the peak oilists right? A series of recent events certainly appears to lend credence to those who argue that the world’s ageing oilfields are being sucked dry amid China’s and India’s determination to lift themselves out of poverty and the west’s reluctance to give up the luxuries of modern oil-dependent life.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html">The fact that Russia’s oil production declined almost half a percentage point in April, the first drop in a decade, was shocking enough news from the world’s second biggest oil producer, whose output was growing at a rate of 12 per cent just five years ago.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/5c9d05aa-25ca-11dd-b510-000077b07658,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html">Just days later Saudi Arabia, the world’s biggest oil producer and by far the largest exporter, confirmed <A href="http://www.ft.com/cms/s/0/36b36e2a-0efe-11dd-9646-0000779fd2ac,dwp_uuid=f2b40164-cfea-11dc-9309-0000779fd2ac.html" title="Saudis put off longer-term oil capacity rise" class="bodystrong">it had put on hold plans to increase the kingdom’s production capacity</A>.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/5E34F3A4-E731-41C1-A1C6-D6E6C70FF153/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>