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Socialist Resistance no17 | page 9-10

This is scanned newsprint, not web text. The original PDFs carried no text layer at all, so every word here was read off the page by OCR. Expect dropped opening letters, run-together words and wrong characters. There was no contents page to cut the paper up by, so the articles were found from the size of their headlines: a headline may carry its kicker, and where an article ran beside a boxed panel a few lines of the neighbour can appear. The scanned issue is the authority; this text is here so the words can be found at all.

at 2m barrels per day. The increase in global oil consumption between 2002 and 2004 is predicted at 3.6 m barrels per day with China accounting for 36 per cent of the jump, North America 24 percent, the rest of developing Asia 16 per cent and Europe 11 per cent at a time when new oil discoveries are slowing down.

In the Guardian of 8 June George Monbiot reported: "We now consume six barrels of oil for every new barrel we discover. Major there directed at the oil industry.

Not only that, but with Saudi output currently at 9.1m barrels a day, and with production there only having risen above 10 m barrels a day for two brief periods since the early 1980s, the Financial Times of 3 June observed that "the market is asking itself how much capacity the kingdom really has and whether it could maintain a higher level of output if it faced further attacks"

The second additional factor influencing the oil market is the rise of speculation based on oil futures.

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10 soclalist re Globalisation and health care stance Summer 2004