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OPEC Feels Gas Pain (For A Change)

Posted Sep 17, 2006 at 01:22AM by Alaric S. Listed in: Alternative Energy Tags: Nigeria, Iraq, OPEC
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1973 oil crisisAccording to OPEC, the global demand for oil in the first half of 2006 was weaker than expected.


The report said US gasoline demand “grew by only 0.7%, well below the annual average of 1.6% despite the stabilisation of gasoline prices. This has led to downward revisions of 200,000 barrels per day and 100,000 bpd to second- and third-quarter oil demand figures for North America.”

While the global economy had grown strongly in 2006, OPEC said this “has not been matched with commensurate growth in oil demand”.

"Oil intensity", defined as the amount of oil needed to produce a unit of energy, had declined significantly, especially in Europe and the US. The dropped was attributed to improved oil efficiency.

According to the report, the US requires a quarter less oil to produce a unit of output today compared to the early 1970s. Efficiency is even better in European countries.

The OPEC (Organization of the Petroleum Exporting Countries) is a cartel which includes Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

Although one of the group's objectives is "ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations" OPEC's influence on the market has not always been positive.

It set set off a global panic and triggered high inflation in both developing and developed countries by using oil as a weapon in the 1973 oil crisis.

OPEC warned that sustained high prices may accelerate further fall in oil intensities.

Oh, boo hoo hoo!

We say let's keep working on bringing down oil intensities. Let's get the governments of the world and private companies to invest and develop alternative energy. Let's give the OPEC and oil company executives something to really cry about!

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