Oil supplies won’t run out soon, says research group

EW YORK (MarketWatch) – Cambridge Energy Research Associates said Wednesday it doesn’t see a peak in world oil supply before 2020 and that an increase in unconventional oils, including condensate and natural gas liquids, would help boost capacity by up to 25% in the next 10 years.

“We see no evidence to suggest a peak before 2020, nor do we see a transparent and technically sound analysis from another source that justifies belief in an imminent peak,” said Robert Esser, CERA’s director of oil and gas resources, at a congressional hearing.
He predicted it would take several decades for an “inflexion point that will herald the arrival of an ‘undulating plateau’ of global hydrocarbon production capacity.”

CERA estimated that oil production capacity — including crude oil, condensate, natural gas liquids, oil sands, gas-to-liquids – could rise to 108 million barrels per day in 2015, up from 87 million barrels per day currently.

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