25 Nov '11, 12pm

Saudi cuts oil investment:

Much has indeed changed since Saudi began its capacity expansion programme in the early 2000s. The IEA predicts a large increase in Iraq’s oil production of more than 5mb/d by 2035, Brazil is set to become a major deep water oil producer, and in North America exploitation of oil shales (such as the Bakken) has allowed the US to buck the downward trend of its oil production curve. What has also changed however in the last decade is the cost of oil – the first 3 years of the last decade saw prices between $30-40/barrel. 2011 is shaping up for a record average price of $110/barrel . This is the highest annual oil price since 1864, during the American Civil War. Depleting oil production is being replaced for now, but at a huge cost to the global economy and at an increasing environmental risk.

Full article: http://www.odac-info.org/newsletter/2011/11/25

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