reportonbusiness.com: IEA sees oil supply crunch looming
Carlton Palmer writes about this link he sent us: Well it’s official now The wests own energy Think tank created in the wake of the the Saudi/Iran oil shocks of the 70-early 80’s is warning of whats has been known for awhile.
In late June Jim Buckee retiring Ceo of Tailsman Energy at the Canadian Assoc. of Petro Producers annual confab. hand drew some graphs of the decling production of the Super Elephant mother of all oil fields in the World that would be Saudi’s Ghalwar and despite “Parabolic” investment in all the best super straw oil recovery technology the Halliburtons and Shlumberger have on offer, nothing is steming the decline.He showed this to a small group of longtime friends and analyts off the record. Sooooooo don’t count on the Sunni Saudi.s to be the big swinging dick producer of last resort making up for shortfalls as it has historicaly done.
Not anymore! Click the link above for the IEA take. And they don,t want to alarm the markets or the masses. Translation they are being conservative,Oh and have a Great Day!
Global oil companies will reap the windfall from growing demand and constrained supply for years to come – and consumers should expect higher fuel prices for the foreseeable future, the International Energy Agency says in a report released Monday.
In its medium-term outlook, the agency warns that higher crude prices over the last several years have failed to trigger the typical market response of slowing demand and additional supplies.
Instead, while demand growth has slowed in the developed world, booming economies in Asia and Middle East have taken up the slack. The emerging economies and developing world will soon account for nearly half the crude oil demand in the world, according to the IEA, which is the energy monitoring arm of the developed world.
At the same time, the agency is forecasting only modest growth in crude oil supplies, as the producers struggle to offset declines from existing fields.