Complicated Symmetry Between Oil and Politics

Oil is a finite source, everyone concedes.

Even if the issue on crude production has peaked or not is kept aside for the time being, one thing is certain, the galloping global consumption is straining the overall balance.


BP’s Statistical Review of World Energy released recently appears to underline that the world still has enough “proven” reserves to provide 40 years of consumption at current rates.

On the other hand, scientists led by the London-based Oil Depletion Analysis Centre, say that global oil production is set to peak in the next four years before entering a steep decline.

…The major issue here is “that you go from 79 million barrels a day in 2002 to 84.5 million in 2004. You’re leaping by two to three million barrels a day” each year. That’s like a whole new Saudi Arabia every couple of years. It can’t be done indefinitely,” former senior Aramco executive Al-Huseini commented.

Arab News