Peak oil review – Nov 24

1. Supply and demand

2. OPEC

3. Price forecasts

4. Detroit

5. More on the IEA Report

6. Briefs

1. Supply and demand

After six days of decline, oil prices rose 50 cents on Friday to close at $49.93, down $7.67 or 13 percent for the week. Oil prices now have fallen 66 percent since July 11th. […]

2. OPEC

As oil prices continue to fall, the average price received by OPEC is now approaching $40 a barrel. A recent analysis by PFC Energy suggests that this price is well below what most of the members need to balance their budgets. Venezuela is said to need oil at $102; Iran at $83, the Saudis at $54; Kuwait at $52; and the UAE at $45. […]

3. Price forecasts

As oil prices spiraled upwards last spring, the press was full of stories about how high prices could go. Many thought $200 a barrel or more before the end of the year sounded reasonable. Now the tables have turned and the game has become picking a bottom for 2009. The IEA