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Asian crude oil supplies to Australia peaked in December 2007 and declined by 8% pa since then. Two thirds of current crude imports come from a group of countries whose exports to Australia peaked already in November 2005 and declined by 5.8%. pa, despite a slight uptick in Malaysia and Indonesia. Australia managed to offset [...] In the dying days of an election campaign in which peak oil was totally ignored, Prime Ministerial candidate Tony Abbott from the Liberal Party produced himself as a peak oil sceptic during a Town Hall style public forum in Brisbane, Queensland. He thinks that technology and the “right” oil price will always ensure that more [...] It is unbelievable: peak oil (=limited oil supplies at 73-74 mb/d of crude oil) started in 2005 and 5 years later this is still not an election issue. What we have seen so far is the response of the economy and the financial system to oil production NOT growing. Peak oil hit [...] Saudi Aramco’s crude oil exports have peaked in 2005 at 2,622 million barrels and declined by 21.4% to 2,061 mb in 2009. Refined products and natural gas liquids (NGL) exports have also peaked in 2005 and then declined by 25.8 % and 4.1% respectively. Most of the decline happened between 2008 and 2009. Saudi Aramco publishes [...] Saudi Arabia seems to jump on the bandwagon of a rethink on oil exploration following the oil spill in the Gulf of Mexico, packaging it in an apparently wise policy of resource conservation. But this article shows that the Saudi exploration ban will have no impact as discoveries in the last years were negligible anyway. [...] |
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