Boone Pickens Warns of Petroleum Production Peak

“So, if you accept that 84 million barrels a day is all the world can (produce), and then look at refining capacity, I think it’s just a coincidence that refining capacity… world capacity… is 84 million barrels a day. So, we’re in balance: 84, 84.

“Now you see the projections for the fourth quarter of ‘05, I mean like tomorrow; it is 86 to 87 million barrels of oil a day required. China (and) India (are) growing fast. Our economy is going down a little bit, but it doesn’t seem to be shutting off demand for gasoline, oil, natural gas, whatever. But around the world… just assume that the (U.S.) economy is slowing, but China is still ramped up; it is still 86, 87 million for the fourth quarter.

“Now we’ve got some pretty good inventory, those will be… I think.. they’ll be gone in the third quarter. I can’t wait to see how this is all going to play out.”
EV World