Reply #42: The oil supply tsunami alert [View All]

[bpilgrim]

http://www.energybulletin.net/5655.html

If you study the production from existing oilfields, experts around the world agree that the decline is between 3 and 5 percent. This means that all the oilfields that today produce 84 million barrels per day, mbpd, will next year at this time produce 80.6 mbpd and in year 2030, 30 mbpd. In the World Energy Outlook 2004 the IEA predicts that we will need 121 mbpd in 2030. In other words, we need to find more then 90 mbpd in new production. “The world needs 10 new Saudi Arabia’s.” Someone might call me a Doomsayer, but if so I’m accompanied by Sadad Al Husseini, as this is a citation from him. He was until recently vice director of Saudi Aramco, the largest oil company in the world.

psst... pass the word

peace