[Carlhole]

Gawd, it's almost hilarious. It's like they just got bitch-slapped into reality.

[DantesPeak]

$100 oil won't bring release of oil to knock back price, says IEA. Perhaps they finally got it through their heads when reserves are gone, they won't be getting replaced anytime soon - if ever.

$this->bbcode_second_pass_quote('', 'I')EA HEAD: $100/Bbl Oil Won't Trigger Govt Oil Stock Release

DOW JONES NEWSWIRES
November 7, 2007 7:11 a.m.

LONDON (Dow Jones)--A coordinated release of strategic oil stocks would only be implemented if there is a "serious" supply disruption and not just if the oil price hits $100 a barrel, the head of the International Energy Agency said Wednesday.

"No, we won't do it for financial reasons, it has to be for a serious supply disruption," IEA Executive Director Nobuo Tanaka told Dow Jones Newswires when asked if the Paris-based agency would release oil stocks if prices went to $100 a barrel.

Tanaka was speaking on the sidelines of the release in London of the agency's long-term energy outlook that says consumers and governments globally are currently doing too little to improve energy supply security and cut pollution.

[KevO]

It's OFFICIAL!! AT LAST WE'VE PEAKED
$this->bbcode_second_pass_quote('', ' ')The dire predictions of a key report on international oil supplies released Wednesday suggest that oil prices could move irreversibly over the $100 a barrel threshold in the not too distant

This gloomy assessment comes from the International Energy Agency, the Paris-based organization representing the 26 rich, gas-guzzling member nations of the Organization for Economic Cooperation and Development (OECD). The agency is not known for alarmist warnings, and its World Energy Outlook is typically viewed by policy wonks as a solid indicator of global energy supplies. In a marked change from its traditionally bland, measured tones, the IEA's 2007 report says governments need to make urgent, bold decisions on energy policy, or risk massive environmental and energy-supply crises within two decades — crises and shortages that could spark serious global conflicts.

[emersonbiggins]

From the article:

$this->bbcode_second_pass_quote('', '"')I don't see the political will." Then again, nothing fuels political will like a soaring price at the gas pump.

[Bas]

It's OFFICIAL!! They just figured it out!!! ; )

[dukey]

the dollar isn't helping
its practally in freefall

1 US dollar is now 91 canadian cents !!!!!

[Bas]

$this->bbcode_second_pass_quote('emersonbiggins', 'F')rom the article:$this->bbcode_second_pass_quote('', '"')I don't see the political will." Then again, nothing fuels political will like a soaring price at the gas pump.

[chris-h]

i am convinced as of today that a great war will happen soon.It is now unavoidable.start preparing.

[Jack]

$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('emersonbiggins', 'F')rom the article:$this->bbcode_second_pass_quote('', '"')I don't see the political will." Then again, nothing fuels political will like a soaring price at the gas pump.

[Bas]

$this->bbcode_second_pass_quote('', 'C')onflict increases with two variables - shortages and diversity

[emersonbiggins]

I'm not looking forward to the chaos because, frankly, it's chaos, meaning Jack or myself are at least as susceptible to becoming tonight's entertainment as is Cheney or Tillerson. Taking that presumable outcome seriously is one of the least things one could do with respect to peak oil. Jack may revel in it; I certainly joke about it, but, like teh internets, it's serious business.

[Twilight]

$this->bbcode_second_pass_quote('Carlhole', 'G')awd, it's almost hilarious. It's like they just got bitch-slapped into reality.

[Eli]

Yeah I remember the days when we thought the IEA was being continually over optimistic.

I for one welcome them over to the doomer side, although I think their time line is still too optimistic.

[Bas]

$this->bbcode_second_pass_quote('Gerontion', '
')
“Their (OPEC) collective output of conventional crude oil, natural gas liquids and non-conventional oil (mainly gas-to-liquids) is projected to climb from 36 mb/d in 2006 to 46 mb/d in 2015 and 61 mb/d in 2030 in the Reference Scenario. As a result, OPEC’s share of world oil supply jumps from 42% now to 52% by the end of the projection period. Non-OPEC production rises only slowly to 2030, with most of the increase coming from nonconventional sources – mainly Canadian oil sands – as conventional output levels off at around 47 mb/d by the middle of the 2010s. These projections are based on the assumption that the average IEA crude oil import price falls back from recent highs of over $75 per barrel to around $60 (in year-2006 dollars) by 2015 and then recovers slowly, reaching $62 (or $108 in nominal terms) by 2030.”

[DomusAlbion]

The truth is that the IEA is staying true to form based on their past performance. That is, they are still being too optimistic. This can only mean that things are much worse than they dare say in public.

We'll be going after Iran soon and the French will be with us this time.

[pup55]

IEA WEO Executive Summary
For those who wish to spend 150 Euros on this document I have linked the 12-page Executive Summary.
Highlights:
$this->bbcode_second_pass_quote('', 'D')eveloping countries, whose economies and populations are growing fastest, contribute 74% of the increase in global primary energy use in this scenario.

[Bas]

$this->bbcode_second_pass_quote('DomusAlbion', 'T')he truth is that the IEA is staying true to form based on their past performance. That is, they are still being too optimistic. This can only mean that things are much worse than they dare say in public.

We'll be going after Iran soon and the French will be with us this time.

[Twilight]

$this->bbcode_second_pass_quote('Bas', 'W')ith their increasingly diverging statements

[Bas]

$this->bbcode_second_pass_quote('Twilight', '')$this->bbcode_second_pass_quote('Bas', 'W')ith their increasingly diverging statements

[Starvid]

$this->bbcode_second_pass_quote('Gerontion', 'W')hich seems directly to contradict the first part of the paragraph, unless either (a) the authors think there will be a 5 to 7 year period of unmet demand followed by an explosion in production, (b) they’re saying that the Reference Scenario is a load of bollocks or (c) – and much more likely – I’ve been an idiot and misunderstood something.