by IslandCrow » Sat 24 Jan 2009, 06:19:03
In my files (this one taken from Energy Bulletin) I have a quote from Dr Bakhtiari:
$this->bbcode_second_pass_quote('', 'D')r. Bakhtiari's 4 Phases of Transition
The four Transition periods (T1, T2, T3, and T4) will roughly span the 2006-2020 era. Each Transition [will] cover, on average, three to four years.
The major palpable difference between the four Ts is their respective gradient of oil output decline -- very small for T1, perceptible for T2, remarkable in T3, and rather steep for T4. In fact, this gradation in decline is a genuine blessing for those having to cope and adapt.
From the aproximate timing he as estimating that we would move from phase T1 to T2 sometime in 2009 or 2010. With OPEC seeming to hold their recent production cuts are we seeing the beginning of T2 where the decline is "perceptible" instead of "very small"?
Or is the effect of the economic crisis producing a phantom T2 where the 'perceptible decline' is because production is shut in, rather than due to declining pressure etc in the fields (ie due to PO)?
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Link to Opec cuts $this->bbcode_second_pass_quote('', 'O')il consultant Petrologistics estimated Opec production would fall by 1.55m barrels per day in January.
In December, the cartel agreed to cut output by 2.2m barrels a day