A review of 2006 EIA Data; Expectations for Year Ahead

In a nutshell, for the world outside Saudi Arabia and Russia, further new projects in deep water, unconventional oil and natural gas liquids may just hold steady against declines in all other countries. The fate of world oil production now rests with the two countries together accounting for one quarter of supply. If net production from Saudi Arabia and Russia continues to fall in the first quarter of 2007, as I expect it will, then the case for peak oil having passed within the last two years will strengthen.

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