OPEC trims oil demand forecasts
February 17, 2009 by Matt Brogan
OPEC has trimmed its forecasts for global oil demand predicting that consumption would contract by a bigger-than-expected by 0.67 percent margin as a result of the economic downturn.
The adjustment represents 580,000 barrels per day, some 400,000 more than initially forecast in mid-January.
“World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year,” a representative for the Organisation of Petroleum Exporting Countries said in a statement.
I’d say they do Jekyl, I’d also say that they are aware that oil they don’t pump out today is oil they can pump out tomorrow. Though they consider the price too low at the moment, they are also aware that their stocks aren’t limitless. Lowering demand prolongs their cheap revenue source. I am still annoyed however that although our dollar has been constant for the last few months, and the price of oil is still around $40 a barrel, why has petrol gone from $1.10 to $1.30? Try telling me that isn’t just profit taking. FuelWatch , ACCC is doing jack.
We are nearly out of oil? Brilliant. The sooner the better Then we might finally move forward and develop better technology
Bring on the hydrogen fuel cell!
We are nowhere near out of oil.
But this recession in worldwide demand will cause developed nations to successfully reduce reliance on the OPEC cartel by developing alternatives.
The OPEC cartel is going to suffocate, I think. The more they reduce production, the faster our alternatives will develop.
A bit like the Russian “Cold War” recently waged against Europe by turning off the gas supply. Every idle nuclear power station all over Europe and especially the old Eastern Block is being refurbished, so the Russians will lose a huge slice of their income from Gas in the future. Better a cheap nuclear plant than a total dependance on the Russians – What were the Europeans thinking ????
And John, you are right – we are being raped blind by the oil companies, and the ACCC is doing nothing.
I hear we have about 30 years of supply left. I would call that nearly. Hydrogen is the way of the future. We might even reverse some of the damage on the planet. Since we don’t have a new one to move to. That I know of…..
For some oil companies because the price of oil is so low they aren’t making money getting the stuff out of the ground. So the next thing is to increase refinery and marketing margins to recover costs ( and to keep shareholders happy). The pump price will unlikely fall dramatically again for some time.
Read on another wesite that the pump price should steady at around $1.20, still a bit much i reckon.
Agree with you about hydrogen, Salesman. So does Mazda, Honda and BMW to name a few.
gee,it doesn’t take much to get your comment removed.for those wondering,i simply said that the higher price the oil cartells were charging for their oil could be one of the chief reason’s why their not selling more.it’s called “lets suck the life out of the customer”.banks,your power company,your insurance agent,and your doctor,are some others…
i will add that if ford and holden stop producing rwd cars,we might as well all race out and buy and electric car,i mean,all the fun will have gone,and i for one haven’t got the coin for a beemer…
Haha, Salesman, you made me laugh with your comment about 30 years supply left. In the Oil Crisis of 1972, we were told there was less than 30 years supply left…….same in 1978, 1991, and a couple more as well, – I can’t remember them all :)
But I agree, Hydrogen is the way of the future, but the Hydrogen can be economically created only with nuclear generated electricity.
In fact, using the abundant and super cheap energy available from nuclear material, we can generate all the electricity we need, including enough to cheaply desalinate all the water we will need, and manufacture all the hydrogen, aluminium, and steel we need.
Jekyl – The days of motoring and enjoyment are gone, the Gov’s don’t want to let us enjoy ourselves anymore but we are allowed to increase our productivity to get the pollies richer. The world is a too sensible place now. Blame the Gov’s and the media (CA excepted).
As for the anouncment of more job losses, this so-clled downturn is just a worldwide correction for the booming economies over the last 15yrs. Co’s have been creaming millions from punters, now the losses are building up it’s the punters losing out by losing their jobs. THe riich stay rich the poor get beaten down further. Don’t believe that’s off-topic.
That last topic displays real poverty thinking.
If “the punters” have nothing (because the bosses have it all) and they lose everything, then in reality they’ve lost nothing.
But if the rich bosses and pollies lose half their money, well, they’ve actually lost something. Except they never had “poverty thinking” like the punters have.