Micki wrote:Is that a tripple bottom we see? Or kinda inverted head-n-shoulders?
Don't worry you'll get your price rise soon. Once if surpasses $50 on good volume it looks like it is off to da moon again.
New research out of Kuwait, using a new method of calculating the crude oil production potential of 47 of the world’s largest oil producing countries, has found that peak oil — the period in time when oil production reaches a maximum and then begins to decline — will come much sooner than expected… 2014 to be exact.
The scientists’ new method for evaluating world peak oil timing stems from the well-tested, popular and generally accurate Hubbert method — which was the first model to accurately predict when oil supply would peak from United States oil fields in the 1970’s. However, the Hubbert model has been scrutinized as not accurately depicting individual, widely-varying, country-specific items such as changing technology and politics. To address these criticisms, the researchers modified the Hubbert model to calculate oil production trends that also include individual variations from country to country, and then applied it to the 47 largest oil producing countries in the world.
JustaGirl wrote:It should be mentioned that their report is specifically talking about conventional oil, which I thought peaked in 2005.
World oil production peaked in 2008 at 81.73 million barrels/day (mbd) shown in the chart below. This oil definition includes crude oil, lease condensate, oil sands and natural gas plant liquids. If natural gas plant liquids are excluded, then the production peak remains in 2008 but at 73.79 mbd. However, if oil sands are also excluded then crude oil and lease condensate production peaked in 2005 at 72.75 mbd.
ian807 wrote:I'm inclined to take their assessment seriously for two reasons:
2) They're not the Saudis. They're not busy trying to prop up their government by falsifying numbers.
The researchers ... discovered that the world is already depleting its oil reserves at a rate of 2.1% per year
dorlomin wrote:Politicaly Kuwait has a parliament and an educated populous. It is not Saudi. Its not exactly Amsterdam or Las Vegas but it is a nation where the people have some voice.
I am not over familiar with the system but I am assuming it somewhat like the Gregorian era in the UK, an early stage transition from monarchy to parliamentary democracy. IIRC there has been quite a buzz in Kuwait about their oil reserves in the past, with questions being asked about true reserves as many of the more thoughtfull parliamentarians seem to feel stretching what they have as long as possible is a better national policy than pump like mad.
I think you would need a pretty solid knowledge of the personalities involved before going too deep into potential motivations for this report.
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