Oil Watch

So….demand is expected to increase by 1.78 million barrels per day, but OPEC can increase its production by only 700,000 to 800,000 barrels per day. That means the rest of the world needs to increase its production by a million barrels a day.

That’s probably not a problem. For this year anyway. But it’s going to be a problem the year after that unless OPEC starts drilling some new wells. I guess that’s when we’ll find out if Matt Simmons is right or not.
The Washington Monthly