This year, 2005, may well turn out to be the peak year for global oil production. In the seasonally strong fourth quarter, demand is expected to be 86.5 million barrels per day – that’s 4 million barrels per day higher than current demand in the second quarter. Where this extra production is supposed to come from is leaving many of us scratching our heads. Be that as it may, the moment of reckoning is quickly approaching.
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