Oil Production Shortage Likely Sooner Than Expected

Petroleum Review regularly updates its listing of megaprojects, i.e., large projects, generally over 75,000 bpd, of oil production capacity. This can be used to quantify whether enough projects are being developed to meet projected demand. Their latest update identifies 16.65 mbd of new capacity due to onstream by 2010. This is made up of 6.34 mbd of OPEC capacity and 10.31 mbd of non-OPEC capacity. In a long article in Global Public media (GPM), Chris Skrebowski, editor of Petroleum Review, one of the founders of the Association for the Studly of Peak Oil (ASPO) and member of the board of directors of the Oil Depletion Analysis Centre (ODAC), uses this data to give his opinion on the balance between supply and demand. If the author is right, oil peak occurred in 2004. This in turn implies that prices will remain high and will increase even more in the future.
TheEnergyBlog