[lutherquick]

When we see stories like what's below, then we are at peak in regards to demand growth. If Saudi Arabia is replacing 100% and says "at least" , did not say 101%, then we are slipping backwards... Demand is growing supply is holding, that's peak, no growth in supply...



$this->bbcode_second_pass_quote('', 'S')audi Aramco: Achieving At Least 100% Reserve Replacement

State-run Saudi Arabian Oil Co. (SOI.YY) said Monday it's achieving "at least" 100% replacement of the crude oil reserves it's producing.
"In the last ten years, we have been adding to our reserves at least the amount of crude we've produced in the previous years," Saudi Aramco chief executive Abdallah Jum'ah told an audience attending a Saudi-U.S. energy forum here.

[UIUCstudent01]

$this->bbcode_second_pass_quote('lutherquick', 'I')f Saudi Arabia is replacing 100% and says "at least" , did not say 101%

[OilsNotWell]

I am not trying to pooh-pooh your contention, but I agree the evidence has been somewhat clear that demand has now outstripped supply, or supply peak, or whatever you wish to call it (in fact, I made a call over one year ago that we were at peak and we still haven't produced more now than at that point..

However, with that said...

This is a rather obscure and weak point to rest a peak conclusion on...

All they are saying is that they are replacing at least as much as they are using...

Which is kind of funny because for about twenty years now their reserve level has been holding steady at about 260gb, within about one-fourth of one percent...A near statistical impossibility when they have produced 7 to 9.5 mb/day

What we are seeing is another PR offensive to try and talk the markets down...This won't work either because they've been SAYING for years they would increase production to...(insert BIG number), but yet it never seems to happen...

TALK is cheap.

[lutherquick]

OilsNotWell,

Yes, you are correct...these articles are more about PR... they might point to PO, but generaly the bigger TREND is that they are putting so much effort into the PR...

I guess before humans will change and deal with PO, first it will be PR.

[americandream]

$this->bbcode_second_pass_quote('UIUCstudent01', '')$this->bbcode_second_pass_quote('lutherquick', 'I')f Saudi Arabia is replacing 100% and says "at least" , did not say 101%

[bruin]

You are confusing peak discovery with peak production.

We passed peak discovery decades ago.

Peak oil is about peak productions. There can be zero replacements for awhile and still see some production growth.

We have to wait until production declines to say we have finally reached PO.

[Zardoz]

This says it all:

IEA World Oil Supply Chart

We're on the "undulating plateau" of the peak of global oil production right now.

This is it.