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Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris
vision-master wrote:What happens when demand overtakes supply?
meemoe_uk wrote:Another year, another fail for the 'peakoil is now' gang.
But, this doesn't mean anything to a peaker.
Don't wobble in your beliefs about panic and hype about an imminent oil shortage crisis.
TonyPrep wrote:With all this and the price per barrel of most grades being over $100, I think OilFinder's celebrations are rather odd.
Marker crudes approached $100/bbl in early January, prompting concerns over the impact of high prices on the global economic recovery
meemoe_uk wrote:Has this been covered on this forum already? where?
87.3mpd average for year
88.2mpd average for 4th quarter
Pops wrote:Cheering for whatever political party/sports team/favorite pundit/or in this case, BAU, outweighs events or outcomes in the real world.
It is strange.
As I understand it, 2005 is still, just, the year of highest crude oil production. The 2010 number is about all liquids which includes stuff like biofuels which were produced from almost an equivalent amount of real oil, so it's double counting really.
meemoe_uk wrote:Oil is extremely cheap at $100.
2005 : total supply avg = 84.1mbpd of which 4.74mbpd was NGL leaving 79.36mbpd conventional crude
2010 : total supply avg = 87.3mbpd of which 7.10mbpd was NGL+bio leaving 80.20mbpd conventional crude
meemoe_uk wrote:>[i]>tell me why i am paying 100% more for my oil
Because the industry is in a state of upheaval as the anglo american majors move into the middle east. This upheaval has been going on since 2001, it is nearly over. I estimate by 2014-15 things will settle down and the price of oil will drop substancially and stay down.
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