[roccman]

Link
$this->bbcode_second_pass_quote('', 'T')otal boss Christophe de Margerie warned that oil production may be nearing its peak. He now believes the world will never be able lift production from the current level of 85m barrels per day. One hundred is out of the question, he says, much less the 115m that so many optimists assume. The CEO of ConocoPhillips agrees with him. The oil companies duly announced their 2007 results, and masked in statistics combining oil and gas production was the alarming fact that all, bar Total, had suffered falling oil production. This is not what we expect of an oil-addicted world on course for 115m barrels a day.

The CEO of Hess was the next oil boss to blow a whistle, telling an oil industry conference in Houston that oil companies, oil-producing countries, and consumers need to act now. "Given the long lead times of at least 5-10 years from discovery to production," he said, "an oil crisis is coming and sooner than most people think. Unfortunately, we are behaving in ways that suggest we do not know there is a serious problem."

Sixty per cent of the world's oil production is from countries that have already peaked. As for the tar sands, said John Hess, "their contributions to supply are not material enough to bridge the gap in oil requirements over the next 10 years."

The IEA have been warning during 2007 that non-OPEC oil will peak within a few years, and even making it that far depends on Russia expanding production. But last week in Moscow, a Russian senator voiced doubts that Russia can meet commitments to the west in both oil and gas. Senator Gennady Olenik, an ex-oilman, told a news conference that private companies have not been prospecting in the oil-and-gas rich north since being created in the early 1990s. A former Soviet Minister of Geology, Yevgeny Kozlovsky, backed this up.

[camefromthecorn]

Like a flock birds evading a predator.

I'm betting another seizable rise in price soon.

[Starvid]

Definitely radical!

But...$this->bbcode_second_pass_quote('', 'H')e now believes the world will never be able lift production from the current level of 85m barrels per day.

[americandream]

$this->bbcode_second_pass_quote('Starvid', 'D')efinitely radical!

But...$this->bbcode_second_pass_quote('', 'H')e now believes the world will never be able lift production from the current level of 85m barrels per day.

[bl00k]

We are being bombarded with these kinds of oil-is-running-out-reports. And honestly i'm getting tired of this already. When is The S gonna H The F??

[Starvid]

$this->bbcode_second_pass_quote('americandream', '')$this->bbcode_second_pass_quote('Starvid', 'D')efinitely radical!

But...$this->bbcode_second_pass_quote('', 'H')e now believes the world will never be able lift production from the current level of 85m barrels per day.

[Starvid]

$this->bbcode_second_pass_quote('bl00k', 'W')e are being bombarded with these kinds of oil-is-running-out-reports. And honestly i'm getting tired of this already. When is The S gonna H The F??

[killJOY]

$this->bbcode_second_pass_quote('', 'W')e are being bombarded with these kinds of oil-is-running-out-reports. And honestly i'm getting tired of this already. When is The S gonna H The F??

[strider3700]

$this->bbcode_second_pass_quote('killJOY', '')$this->bbcode_second_pass_quote('', 'W')e are being bombarded with these kinds of oil-is-running-out-reports. And honestly i'm getting tired of this already. When is The S gonna H The F??

[emersonbiggins]

$this->bbcode_second_pass_quote('Starvid', 'D')efinitely radical!

But...$this->bbcode_second_pass_quote('', 'H')e now believes the world will never be able lift production from the current level of 85m barrels per day.

[seahorse2]

Starvid,

We did breach 85mbpd in Nov and Dec 07, however, there there are two problems with this figure: (1) that is total liquids production which includes products other than crude; (2) Petrologistics reported that the increase was the result of Saudi emptying their tanks farms and was not the result of new production. Again, as usual, only time will tell.

[dinopello]

$this->bbcode_second_pass_quote('seahorse2', 'S')tarvid,

We did breach 85mbpd in Nov and Dec 07, however, there there are two problems with this figure: (1) that is total liquids production which includes products other than crude; (2) Petrologistics reported that the increase was the result of Saudi emptying their tanks farms and was not the result of new production. Again, as usual, only time will tell.

[Tyler_JC]

85 million, 87 million, whatever.

It's the same number.

It might change the actual date of the peak but it has relatively little impact on the situation.

The truth of the matter is that we are currently riding a plateau of production.

Does it really matter where the data points line up? The general trend is a decrease in production from current levels over the next decade (and from now on...)

link to image

[emersonbiggins]

$this->bbcode_second_pass_quote('Tyler_JC', '8')5 million, 87 million, whatever.

It's the same number.