. Medical and Hospital News .




.
ENERGY TECH
OPEC raises forecasts, warns of investment uncertainty
by Staff Writers
Vienna (AFP) Nov 8, 2011


OPEC raised its medium- and long-term forecasts for oil output on Tuesday but warned that uncertainty over energy and environmental policy was confusing the picture and could affect investment.

By 2015, global oil demand was expected to reach 92.9 million barrels per day (mbdp), up from the 91 mbpd given in last year's World Oil Outlook report.

In the longer-term, the Organisation of Petroleum Exporting Countries forecast demand at 109.7 million bpd in 2035, up 23 mbpd from 2010.

Last year's long-term prediction extended as far as 2030.

The world economy recovered faster than predicted in last year's report, thanks to stimulus packages and the contribution of developing countries.

However, the pace of recovery was slowing again with potentially major repercussions on oil demand, OPEC warned.

As states develop strategies to combat climate change and push for renewable energy, the picture was also becoming increasingly unpredictable and this could deter investors, said the cartel, which pumps some 40 percent of the world's oil.

Biofuels especially were seen as a "wildcard," while policies to improve fuel efficiency and reduce energy consumption presented new uncertainties.

"The energy and environmental policies of consuming countries ... offer a hazy picture of their impact on future oil consumption, supply levels and overall energy demand," OPEC secretary-general Abdullah El-Badri said in the report.

"Confidence is key ... It would be a damaging waste of resources to invest in capacity that is not needed," he added.

By 2035, global oil demand growth will be driven almost entirely by countries outside the OECD group of developed economies, the report noted.

Unrest in the Middle East and northern Africa, Japan's nuclear disaster in March and global economic troubles meanwhile created challenges this year but the oil markets adjusted accordingly.

"Once again, this demonstrates the resilience of oil markets and the fact that oil is a reliable source of energy for meeting the worlds energy needs," El-Badri said.

Nuclear energy on the other hand took a hard hit with the Japanese earthquake and tsunami in March.

"The prospects for nuclear energy have clearly been affected by this years devastating accident at the Fukushima nuclear plant" and even looking ahead, "it is assumed that the long-term prospects for nuclear power have been negatively affected," OPEC said.

OPEC oil supply was expected to rise by 34 percent over the next 25 years, to 39.3 mbpd in 2035 from 29.3 mbpd in 2010, the report said, but OPEC's share of total world production will remain roughly unchanged.

Related Links
Powering The World in the 21st Century at Energy-Daily.com




.
.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries


Oil prices rise on eve of Iran nuclear report
London (AFP) Nov 8, 2011 - Oil prices rose on Tuesday as markets focused on the eurozone debt crisis and geopolitical tensions surrounding major crude producer Iran on the eve of a UN report on the country's nuclear ambitions.

Elsewhere, OPEC raised its medium- and long-term forecasts for oil output but warned that uncertainty over energy and environmental policy was confusing the picture and could affect investment.

New York's main contract, light sweet crude for delivery in December, climbed one dollar to $96.52 a barrel.

Brent North Sea crude for December gained $1.28 to $115.84 in late London deals.

Oil futures rose in line with European stock markets, as investors hoped for a positive outcome to the eurozone debt crisis despite acute concern over fallout from Italy's debt mountain.

Traders also looking ahead to Wednesday, when a UN report is expected to provide new evidence that Iran is seeking the atomic bomb.

"Leaked information suggests that Iran is seen as geared to developing nuclear weapons, which could increase the risk of a military attack on Iran's nuclear facilities," analysts at Commerzbank said in a note on Tuesday.

"We believe this justifies a certain risk premium on the price of oil."

Oil prices were also winning support from unrest in Nigeria, analysts said.

The African producer and exporter of oil was on high alert after the United States warned of fresh attacks following a wave of deadly blasts claimed by Islamists that killed 150 people in the northeast of the country.

Friday's attacks in the city of Damaturu were among the deadliest ever carried out by Boko Haram, an Islamist sect based in the north of Africa's most populous country.

On Tuesday meanwhile, the Organization of Petroleum Exporting Countries said that global oil demand was expected to reach 92.9 million barrels per day by 2015, up from an estimate of 91 mbpd in its 2010 World Oil Outlook report.



.

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



ENERGY TECH
More promising natural gas storage?
Evanston IL (SPX) Nov 08, 2011
Porous crystals called metal-organic frameworks, with their nanoscopic pores and incredibly high surface areas, are excellent materials for natural gas storage. But with millions of different structures possible, where does one focus? A Northwestern University research team has developed a computational method that can save scientists and engineers valuable time in the discovery process. ... read more


ENERGY TECH
Social media use soars in flood-hit Thailand

Current Training Programs May Not Prepare Firefighters to Combat Stress

Japan govt hands $11.5 bln aid to TEPCO: reports

US task force lays out priorities for post-quake Japan

ENERGY TECH
Russia launches navigation satellites

China envoy loses cool over Indian map error: report

Russia set to launch Proton-M carrier rocket with 3 Glonass-M satellites

Russia to launch four Glonass satellites in November

ENERGY TECH
Human skin begins tanning in seconds, and here's how

Jawbone found in England is from the earliest known modern human in northwestern Europe

Increased use of bikes for commuting offers economic, health benefits

Shared genes with Neanderthal relatives not unusual

ENERGY TECH
Purdue researcher leads effort to capture natural sounds, coordinate global network

Conservationists slam moves to ban India tiger tourism

In Nature, Large Energy Fluctuations May Rile Even Relaxed Systems

Bacteria may readily swap beneficial genes

ENERGY TECH
Novel treatment protects mice against malaria; approach may work in humans as well

Dual flu infections in Cambodia raise concern

Multiple malaria vaccine offers protection to people most at risk

First Ebola-like virus native to Europe discovered

ENERGY TECH
Asylum quest: A Chinese dissident's journey

China supporters raise one third of Ai's tax bill

'Cultural genocide' behind self-immolations: Dalai Lama

Party loyalty drives China's Xinhua news agency at 80

ENERGY TECH
S.Africa navy chief warns pirates could head south

Kenya to pursue kidnappers into Somalia: minister

China urges investigation of Mekong attack

China summons diplomats after deadly Mekong boat raid

ENERGY TECH
Outside View: Italy next to fail?

China's October inflation slows to 5.5%

Hundreds of real estate outlets close in Beijing: Xinhua

IMF chief warns world economy risks 'downward spiral'


.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement