Reply #7: Some people think we may already be at peak. Given all the [View All]

[lectrobyte]

deliberate misstating of oil reserves for various reasons, it may be very hard to tell. There might be some clues, though:


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aoS6HuXM_pqk

Feb. 8 (Bloomberg) -- Norway dropped to fifth place among the world's crude oil exporters last year as the nation's North Sea production declined, the Norwegian energy ministry said. The United Arab Emirates replaced Norway as the world's third-largest exporter after Saudi Arabia and Russia, Sissel Edvardsen, a spokeswoman for the ministry, said today in an interview. Iran currently holds fourth place, she said.


http://www.latimes.com/business/la-fi-pemex8feb08,1,3031907.story?coll=la-headlines-business&ctrack=1&cset=true

MEXICO CITY — Production at Mexico's largest oil field is slipping faster than projected and officials see few options for quickly replacing the main source of the nation's oil riches.

The struggles of the world's No. 5 oil producer have implications for an already tight global petroleum market and for the United States, the chief buyer of Mexico's heavy crude. It's also a threat to Mexico's social stability.

Production at Cantarell, the world's second-largest oil complex, which provides about 60% of Mexico's crude, averaged 1.78 million barrels a day in 2006. That's a 13% drop from 2005, said Jesus Reyes Heroles, director of Petroleos Mexicanos, or Pemex, in a news conference Wednesday.