+ International Energy Agency’s 28 member nations are releasing 60 million barrels of oil over the coming month in response to supply disruptions from Libya.
+ Libya pumped around 1.6 million barrels of oil/day prior to the war. For the past 100 days that has dropped to 200,000 /day, a net loss of approximately 140 million barrels of oil.
+ Even if the war were to finish today, production would not recover for months.
World Food Inflation
+ World Food prices rose 37% in the past 12 months… This week French President Nicholas Sarkozy called this a “plague…A market that is not regulated is not a market, it’s a lottery in which fortune smiles on the most cynical, instead of rewarding hard work, investment and creation of value.” World Bank says this shifted 44 million more people into poverty since June 2010.
+ Global spending record $1.29 trillion on food imports 2011, up 21% vs 2010.
+ G20 countries represent 65% of all farmland and 77% of global grain output.
+ UN Food and Agriculture organization expects growth in agricultural output to slow to 1.7% / yr through 2020 vs 2.6% in previous decade.
Alberta’s Agriculture –
Jerry Bouma, Toma & Boma Consultants – Dutch Canadian Business Club
+ Agriculture in Alberta employs 76,500 people.
+ 2010 – 50,000 farms totalling 52 million acres, peak was 99,732 farms in 1941.
+ Alberta farm cash receipts totalled $9.3 billion in 2009: 21% of Canada’s total.
+ Alberta’s top 4 export destinations represent 71% of total: US 36%, China 15%, Japan 12%, Mexico 7%.
+ 2010 Agriculture and agri-food exports include: Wheat 21%, Beef 16%, Canola Seed 15%, Canola Oil 11%, Live Cattle 8%, Pork 6%.
+ Manufactured food exports are 51% of Alberta’s total agri-food exports.
+ 2009 herd numbers as a percent of Canada’s total: cattle 40%, hogs 13%, milk cows 9%.
+ Alberta uses and produces some of the best livestock genetics products in the world.