[dorlomin]

$this->bbcode_second_pass_quote('OilFinder2', '.') In the meantime I intend to stick around and keep telling these people what they don't want to hear. It's rather fun, actually!

[Schmuto]

$this->bbcode_second_pass_quote('rockdoc123', '')$this->bbcode_second_pass_quote('', 'A')nd, if you can't raise production over a 3 year period when prices spike to all time highs, then, it seems manifest, you really don't have a 'reserve' capacity at all. What you have is good intentions.

[kiwichick]

exactly pstarr

if they is plenty of oil in pennslyvania or texas why get excited

about drilling in the arctic circle????

[kiwichick]

schmuto; ex graph

was there an article with the graph?

[Schmuto]

$this->bbcode_second_pass_quote('kiwichick', 's')chmuto; ex graph

was there an article with the graph?

[energyhoggin]

$this->bbcode_second_pass_quote('Tanada', '')$this->bbcode_second_pass_quote('misterno', 'M')aybe they wanted price to go up so they did not produce more

[Schmuto]

$this->bbcode_second_pass_quote('pstarr', 'Y')ou may be a Drama Queen sometimes but you sure are right about peak oil

[rangerone314]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('Schmuto', 'T')roll - The graph was posted already - from June 05 until today OPEC has only increased production one time, and then only by a paltry 1/2 of 1 percent.

[TheDude]

Note how the swings in production were greater until '05; afterwards this shows erosion of spare capacity, whether from demand exceeding supply or from geologic decline/lack of investment. The EIA data for that can be found in the Short-Term Energy Outlook, data is in the sidebar on the right.



The forecast is predicated on Khurais delivering as promised.

Also note that in production '05-'07 the trend was manifestly downwards. Khebab has done much more detailed analysis of this statistically.

This is all liquids, too. WTRG has excellent graphs of petroleum History and Analysis. Wish Williams would update his stuff.

[Graeme]

Chevron raises projection for oil price

$this->bbcode_second_pass_quote('', 'C')hevron, the US oil group, has raised sharply its expectation of future oil prices and cut its target for production growth, as it highlighted the steep rise in costs in the industry.

John Watson, the chief executive, told analysts at a meeting in New York that the company was “bullish on oil” because of output declines at mature fields, political constraints on production in many parts of the world, and the rising cost of finding and developing new oilfields.

Chevron has raised the price assumption in uses when setting out its projections for investors from $79 per barrel for internationally traded Brent crude to $110 per barrel, its average over the past three years.
That is significantly higher than is implied by the futures market, which shows that the price of oil is expected to fall. Mr Watson said higher prices would have a positive “overall earnings impact” for Chevron, offsetting its weaker expectations for production growth.

The company, the second-largest US oil group by market capitalisation, now expects to produce 3.1m barrels of oil equivalent per day in 2017, down from a target of 3.3m boe/d that it first set in 2010 and reiterated a year ago.
Mr Watson said the reasons for the weaker outlook included a slowdown in investment in shale gas production in the US, which has been hit by the slump in North American gas prices, higher volumes of oil going to the countries where Chevron operates under production-sharing contracts, and some “project slippage”.