Peak Oil

I am not sure whether this is good news or not. It will certainly have an impact on the central rationale for the transition movement not so much if it just turns out to be true, but if it drives down the price of oil. The article tells us:

Well, here is a shocker for the peak oil camp.

Iraq’s oil output will more than double from 2.6 million to 6 million barrels a day (b/d) by the end of the decade. This is 45pc of world oil supply growth over these years.

It will reach 8 million b/d by 2035. By then, Iraq will have overtaken Russia to become the world’s second biggest oil exporter – supplying China with 2 million b/d in a modern marine revival of the silk trade – and earning $200 billion a year in revenues.

It will also be a major gas exporter.

That is the conclusion of a special report by the International Energy Agency on Iraq released this morning.