02.04.2013 - The next decade could be disastrous for OPEC and Big Oil
Ed Morse, Citigroup’s top energy economist, has taken a fresh swipe at companies and countries that rely on the global petroleum edifice. With a typically vivid title—“The End is Nigh”—Morse argues in a new report that permanent changes in the ways we produce and consume energy are hollowing out oil demand, with head-spinning ramifications. The nub of the March 26 report: If the market transformation resembles that which occurred after the 1979 Iranian Revolution (which Morse regards as a possibility), global oil demand would plummet by 18%, to around 74 million barrels a day from the current 90 million. Such a plunge would trigger political and economic havoc in petroleum export-reliant Russia and OPEC...............................................Full Article: Source
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