Peak Oil Review — July 7th, 2008

1. Production and Prices

2. The World Petroleum Conference

3. The IEA’s Medium-Term Market Report

4. Energy Briefs

1. Production and Prices

The week started with the oil markets focused on the bombast surrounding the Iranian nuclear situation and a fall in the dollar sending oil to a then all-time intra-day high of $143.67 a barrel. On Tuesday, the IEA’s medium-term outlook said world oil demand would rise less than previously forecast, but also said supply would be tighter than anticipated. Wednesdays US stocks report which showed an unexpected 2 million barrel drop in US crude inventories and a smaller than expected increase in the distillate stockpile sent prices to a new intra-day high near $146 a barrel on Thursday. Prices then eased on Friday following an Iranian offer to talk about the latest proposal to settle the nuclear dispute and closed out the week just above $144.[…]

2. The World Petroleum Conference

Held every three years, the World Petroleum Congress which met in Madrid last week attracted 3,000 delegates from all over the world including OPEC’s President Khelil, its Secretary-General El-Badri, the Executive Director of the International Energy Agency Tanaka, the European Commissioner for Energy Piebalgs, several ministers of state, and many senior oil company executives.[…]

International Business Times