New High of Liquid Fuel Production
Both the IEA and OPEC are out with their new monthly reports today. And both report that oil production in November 2010 exceeded the previous high month of July 2008 (back when oil was $140). Probably the difference is within the margin of error, and in any case the third agency (the EIA) won't weigh in for a few months. At the moment, the average index looks like pretty much a statistical tie . . . Still, a significant point: not peak monthly oil just yet. As long as there isn't a massive financial crisis in the next few months (which is what happened to the last global high in oil production) I imagine we'll clearly exceed the July 2008 peak production. In particular, the point I first made here still holds: the increases in the last eighteen months have largely come from non-OPEC production rather than OPEC, and the latter undoubtedly still have some spare capacity that can be released (at a price). Thus production can and will go somewhat higher as long as demand continues to increase, which will be true as long as the global economy doesn't hit another big pothole.
kildred590 wrote:And "peak oil" is not the same as "peak production".
peripato wrote:I must have missed something whilst I was gone, as all of Xeno's posts seem to have disappeared. Has he been behaving badly again?
eXpat wrote:peripato wrote:I must have missed something whilst I was gone, as all of Xeno's posts seem to have disappeared. Has he been behaving badly again?
But we have DoomersUnite now! He is proving t be quite a troll.
Both OPEC and the IEA put out their latest estimates of global liquid fuel production today. The numbers are up again, and have now incontrovertibly passed the previous highs of July 2008:
OilFinder2 wrote:But . . . but . . . but . . . this wasn't supposed to happen!
OilFinder2 wrote:Up, up and away!!!
IEA Confirms New High of Fuel Production
Global oil production increased by 1.8 million b/d in 2010 or 2.2%
In 2010, world oil production grew by 1.8 Mb/d and surpassed the level reached in 2008. Growth was the largest since 2004 and was divided evenly between OPEC and non-OPEC. The largest increases in OPEC were in Nigeria (+340,000 b/d) and Qatar (+220,000 b/d). Non-OPEC output increased by 0.9 Mb/d, the highest since 2002, and was led by China (+271 Kb/d) - which recorded its largest increase ever-, the US (+242 Kb/d), and Russia (+236 Kb/d).
Methodology
Oil production data includes crude oil, shale oil, oil sands and NGLs (natural gas liquids - the liquid content of natural gas where this is recovered separately). It excludes liquid fuels from other sources such as biomass and coal derivatives.
[...]
OilFinder2 wrote:BP Statistical Review 2011 came out today.
Now add 'em up ...
Totals
2005: 82,147
2006: 82,568
2007: 82,658
2008: 83,503
2009: 81,936
2010: 83,989
So we easily made a new all-liquids high last year!
OilFinder2 wrote:2010: 83,989
TheDude wrote:OilFinder2 wrote:But . . . but . . . but . . . this wasn't supposed to happen!
May '10-Aug '08 C+C= -634.08 kb/d
July '10-July '08 NGL= 304.61 kb/d
And that's just NGLs. So this is good news if you're on the market for fuel for your barbie, as regards the ultimate peak in global production it doesn't quite mean bupkus yet.
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