OPEC Reveal Global Light Sweet Crude Peaked

The key point is that non-OPEC light sweet crude went from 41% of 66 mb/d to 34% of 70 mb/d from 2000 to 2004, a drop of 3.26 mb/d. OPEC added 1 mb/d of light sweet crude over the same period resulting in a global reduction of light sweet crude of over 2mb/d showing that global light sweet crude has peaked and is now in decline.

..As oil becomes scarce it is clear that the best stuff will be pumped first, the best stuff is the light sweet crude. The fact that this is now in decline adds more weight to the argument that that the total global oil extraction rates will soon peak.

…The only thing left to peak is total all oil extraction rates for which the experts predict 2007/8.

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