Peak Oil News >> Production; Extraction; Exploration >> Project Delays 'Drive Up Price' of Oil

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Project Delays 'Drive Up Price' of Oil

Production; Extraction; Exploration

Delays of big oil projects are helping to drive oil prices higher as energy companies become increasingly unreliable at delivering production from new oilfields on time, a recent analysts' report has warned.

Oil production in 2007 will be 2m barrels a day less than expected because companies are increasingly having to delay the date at which their projects deliver their first barrels of oil, according to Sanford Bernstein, an international research group.

Financial Times

Posted on Thursday, September 29 @ 12:48:51 PDT by Carrie

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Re: Project Delays 'Drive Up Price' of Oil (Score: 1)
by Leanan on Thursday, September 29 @ 13:22:10 PDT
(User Info | Send a Message) http://TheBlogAtTheEndOfTheWorld.blogspot.com/

Very interesting. More and more, I'm starting to think peak oil is now. Or maybe last year. Yes, there are big projects coming online, but what with hurricanes, political unrest, and other delays, they are not going to come online fast enough to offset depletion.

Re: Project Delays 'Drive Up Price' of Oil (Score: 1)
by OilsNotWell on Thursday, September 29 @ 14:42:15 PDT
(User Info | Send a Message)

Shhhh! :)

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