[joewp]

$this->bbcode_second_pass_quote('', 'H')owever, the IEA does not see a peak in worldwide oil production occurring in the coming decades. Based on the expectation that large amounts of oil will be discovered, not yet on the radar of oil companies worldwide.

[clv101]

"We are on the eve of a new world energy order."

"...we have oil production outside the core OPEC countries reaching a peak..."

"By 2015, an extra 37.5 mb/d of production will be required. ...23.9 mb/d is to replace declines in existing oil fields"

"We know of approved projects around the world that will bring 25 mb/d by 2015. If the supply turns out to be less than this, we are in serious trouble. If these projects do not come online, the wheels will fall off our energy system."

"The top 5 IOCs have had reserve replacement ratios declining steadily between 2001 and 2006."

Read more: The Oil Drum: Europe

[americandream]

$this->bbcode_second_pass_quote('Shannymara', '')$this->bbcode_second_pass_quote('joewp', 'A')re they really that sucked into the cornucopian paradigm that they think some magical supply of oil from somewhere is just going to appear because they want and need it to?

[Eli]

Too funny Shanny, I actually tried to read the secret I made it a few pages in before I became enraged by the selfish inane pap.

So how is not having enough oil a problem, people just drive a little less and eat a little less and buy a little less and ....

[joewp]

$this->bbcode_second_pass_quote('Shannymara', '
')What's wrong, haven't you read/seen The Secret? I'm sure they will manifest more oil as soon as it's really needed, if we'll all just think positive. No worries... </sarcasm>

[hubbertspeak7777777]

$this->bbcode_second_pass_quote('clv101', '"')We are on the eve of a new world energy order."

"...we have oil production outside the core OPEC countries reaching a peak..."

"By 2015, an extra 37.5 mb/d of production will be required. ...23.9 mb/d is to replace declines in existing oil fields"

"We know of approved projects around the world that will bring 25 mb/d by 2015. If the supply turns out to be less than this, we are in serious trouble. If these projects do not come online, the wheels will fall off our energy system."

"The top 5 IOCs have had reserve replacement ratios declining steadily between 2001 and 2006."

Read more: The Oil Drum: Europe

[KevO]

$this->bbcode_second_pass_quote('', 'A') prominent energy economist warned Tuesday that global oil markets are at risk of being under-supplied as national oil companies gain greater control of the world's petroleum supplies.

Some 37.5 million barrels a day of additional oil-production capacity is needed by 2015, but only 25 million barrels a day are planned, International Energy Agency Chief Economist Fatih Birol said.

To narrow the gap, major oil producers, especially OPEC members, must ramp up production, Birol said, while major oil consumers, including the U.S., must make policy changes to ease demand.

While those changes are possible, there are "no major reasons to be optimistic," Birol said

[Leanan]

And the IEA report is out:

http://www.eia.doe.gov/ipm/supply.html

The May 2005 record stands.

[TonyPrep]

$this->bbcode_second_pass_quote('Leanan', 'A')nd the IEA report is out:

http://www.eia.doe.gov/ipm/supply.html

The May 2005 record stands.

[Leanan]

Yes, I meant EIA.

The monthly report ends with Sep, but they have some projections in the Short Term Energy Outlet section.

[EndOfGrowth]

Lol, where will the 25mbpd come from, exactly?

[Twilight]

The IEA are being such doomers. They want us to fail. They obviously haven't read the good news about ethanol.

[bonehead]

Yea,they obviously haven't heard about plug-in hybrids either.What's up with that?

[dub_scratch]

No. The IEA is just pushing the commie agenda of getting the government to stop building highways.

[funzone36]

$this->bbcode_second_pass_quote('Twilight', 'T')he IEA are being such doomers. They want us to fail. They obviously haven't read the good news about ethanol.

[gnm]

funzone, sarcasm detector broken?

-G

[funzone36]

Oh, nevermind. I forgot about the sarcasm here.

[Armageddon]

$this->bbcode_second_pass_quote('funzone36', 'O')h, nevermind. I forgot about the sarcasm here.

[kmann]

New IEA Oil Market Report out today.
In the highlights:
$this->bbcode_second_pass_quote('', 'W')orld oil supply rose 55 kb/d in November to 86.5 mb/d as output recovery in Mexico, China and Brazil offset lower OPEC supply. Non OPEC supply is revised up by an average 50 kb/d to 50.2 mb/d in 2007 and 51.25 mb/d in 2008, on higher estimates for refinery processing gain. These offset downgrades of 95-140 kb/d for non-OPEC oil production.

[kmann]

$this->bbcode_second_pass_quote('Leanan', 'S')tuart Staniford asks:

Does the latest IEA number matter?

He crunches the numbers, and the answer is....no. Just statistical noise. He expects the EIA number to also be high, because they're strongly correlated (on noise, not necessarily on production). But he says it won't mean anything unless it's higher three months in a row. If that happens, he will concede that oil production is increasing.