Oil prices surge overnight

TONY EASTLEY: World oil prices surged overnight prompted by forecasts that the northern hemisphere may be in for a harsh winter that would stretch oil supplies.

But this may just be a sign of things to come, with some oil analysts predicting that the global supply of oil may be about to peak as early as next year.
The Association for the Study of Peak Oil and Gas is an international organisation of scientists, which is working to determine the timing and effect of the oil peak and subsequent decline in production.

The Association has just been launched in Australia by its international President, Swedish physicist Kjell Aleklett.

Professor Aleklett has been speaking to our reporter Andrew Geoghegan.

Transcript here, along with audio files (MP3, RealAudio, Windows Media Player)