OPEC representative: peak oil is looming
June 10th, 2008 by Jim JustNow it’s official:
This wasn’t from the mouth of some peak oil doomster, but rather from Shokri Ghanem, head of OPEC member Libya’s National Oil Corporation.
And a prediction from Iran’s OPEC representative Muhammad Ali Khatibi:
“I forecast that by the end of summer the price of oil will reach $150 a barrel.”
Saudi oil minister Ali al-Naimi says the kingdom is meeting “all demand” for its crude.
Then there’s this story out of Saudi Arabia that could signal the beginning of a new era:
Saudi Arabia’s Shura council (parliament) will hold a series of meetings over the next two weeks to discuss a controversial proposal by a key member to curb oil production to save reserves for better prices.