Oil

Oil Demand Has Peaked in Developed Nations, Never to Return -- Report

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Demand for oil in developed nations peaked in 2005, and changing demographics and improved motor-vehicle efficiency guarantee that it won't hit those heights again, IHS Cambridge Energy Research Associates says in a new report. Reduced petroleum demand in developed nations could make their economic growth less vulnerable to oil price shocks, the report states. Nonetheless, global oil demand is still expected to grow, overall, driven by China and other developing nations as the world economy recovers. ... Read more about Oil Demand Has Peaked in Developed Nations, Never to Return -- Report

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Warning: Oil supplies are running out fast

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The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned. Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries. ... Read more about Warning: Oil supplies are running out fast

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