IMF accepts peak oil ?  

Posted by Big Gav in ,

The latest World Economic Outlook (pdf - p55 and 56) from the IMF has a brief section that sounds like an acceptance of peak oil being reached - at least in terms of conventional oil.

In addition to slow investment responses, there are two other factors that suggest that capacity growth will be more constrained by geology than in the past.

First, although peak production rates in major fields are attained earlier - because extraction methods have become more efficient - "decline rates" are also higher in major fields. The International Energy Agency suggests that almost two-thirds of the additional gross capacity needed over the next eight years will be required just to replace declines in output from existing fields. ...

Second, oil will increasingly come from unconventional sources, because output has declined from peak levels at conventional fields in many countries, and the size of oil fields is getting smaller on average. This does not mean that the world is about to run out of oil, but it suggests that higher oil prices are needed to induce the additional investment required to balance the market over the medium term."

0 comments

Post a Comment

Ads

Ads

Statistics

Locations of visitors to this page

blogspot visitor
Stat Counter

Total Pageviews

Ads

Books

Followers

News

Loading...

Blog Archive

Labels

australia (579) global warming (364) solar power (332) peak oil (316) electric vehicles (191) wind power (171) renewable energy (168) ocean energy (154) csp (143) geothermal energy (142) smart grids (139) solar thermal power (133) tidal power (132) coal seam gas (127) nuclear power (121) oil (114) lng (111) geothermal power (110) iraq (108) china (106) solar pv (106) green buildings (104) energy storage (103) natural gas (101) agriculture (85) biofuel (75) oil price (75) smart meters (72) wave power (68) energy efficiency (63) uk (63) electricity grid (62) google (54) coal (52) internet (51) food prices (48) shale gas (48) surveillance (48) bicycle (47) big brother (47) thin film solar (41) biomimicry (38) canada (38) ocean power (37) scotland (36) new zealand (35) air transport (34) algae (34) water (34) queensland (32) credit crunch (31) politics (31) bioplastic (30) concentrating solar power (30) california (29) geoengineering (28) offshore wind power (28) population (28) shale oil (28) cogeneration (27) saudi arabia (27) resource wars (26) arctic ice (25) batteries (25) censorship (25) cleantech (25) woodside (25) bruce sterling (24) drought (24) ctl (23) tesla (23) economics (22) carbon tax (20) coal to liquids (20) distributed manufacturing (20) indonesia (20) iraq oil law (20) brightsource (19) limits to growth (19) origin energy (19) rail transport (19) ultracapacitor (19) buckminster fuller (18) santos (18) ausra (17) exxon (17) lithium (17) cellulosic ethanol (16) collapse (16) electric bikes (16) mapping (16) michael klare (16) ucg (16) atlantis (15) bees (15) geodynamics (15) iceland (15) psychology (15) concentrating solar thermal power (14) fertiliser (14) al gore (13) biodiesel (13) brazil (13) carbon emissions (13) cities (13) ethanol (13) investment (13) kenya (13) ambient energy (12) biochar (12) bucky fuller (12) matthew simmons (12) public transport (12) texas (12) victoria (12) cradle to cradle (11) desertec (11) energy policy (11) lithium ion batteries (11) otec (11) terra preta (11) chile (10) fabber (10) gazprom (10) goldman sachs (10) gtl (10) hybrid car (10) internet of things (10) severn estuary (10) tinfoil (10) toyota (10) volt (10) alaska (9) amory lovins (9) biomass (9) carbon trading (9) distributed generation (9) esolar (9) fuel cells (9) jeremy leggett (9) pge (9) sweden (9) afghanistan (8) antarctica (8) arrow energy (8) big oil (8) eroei (8) floating offshore wind power (8) four day week (8) guerilla gardening (8) linc energy (8) methane (8) methane hydrates (8) nanosolar (8) natural gas pipelines (8) pentland firth (8) relocalisation (8) us elections (8) western australia (8) bloom energy (7) boeing (7) chp (7) climategate (7) copenhagen (7) fish (7) stirling engine (7) vinod khosla (7) airborne wind turbines (6) apocaphilia (6) bolivia (6) ceramic fuel cells (6) cigs (6) futurism (6) jatropha (6) local currencies (6) nigeria (6) ocean acidification (6) saul griffith (6) somalia (6) t boone pickens (6) scenario planning (5) space based solar power (5) varanus island (5) garbage (4) kevin kelly (4) low temperature geothermal power (4) oled (4) tim flannery (4) v2g (4) club of rome (3) global energy grid (2) norman borlaug (2) peak oil portfolio (1)