frankthetank wrote:
Simmons is in an article in the Timesonline this morning talking about the future of oil production. If this is anywhere near true, the future is going to get real ugly, real fast. I still can't see it dropping as low as he is saying at that time.
Quote:
Matt Simmons, chief executive of Simmons & Company, a Houston energy consultancy, said that global oil production had peaked in 2005 and was set for a steep decline from present levels of about 85 million barrels per day. “By 2015, I think we would be lucky to be producing 60 million barrels and we should worry about producing only 40 million,” he told The Times.
Can you imagine the price of oil at 40mb a day! By then the country would be in a depression.
That sounds completely insane!
I'm willing to bet anything that we won't have all liquids at 60mbpd in 2015, and certainly not at 40!
That's a decline rate of 7 % and 10 % respectively. When the trend is 0 % decline for the last 4-5 years. If supply had grown faster we'd see higher post peak declines than the current plateau will result in.