BP Review shows Global Production Drop

Eli

ha, lol

I was just about to post this topic.

firestarter · Light Sweet Crude Joined: Mar 19, 2006 Posts: 1163

Certainly FreddyH will swoop down from on high with statistical sword in hand and correct those self interested buffoons Razz

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Civilization: the biosphere's skin disease

roccman

So it continues.
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"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins

"... hope is a rotten-thighed whore" Niko Kazantzakis

We are going back to roccland - me

Fishman

Hard to make the standard " its a demand problem" with this data. I thought high prices were suppossed to bring on more production (sarcasm).

TheDude

burtonridr · Intermediate Crude Joined: Aug 03, 2007 Posts: 763

<------ (lots of sarcastic remarks under breath)
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Tired of high gas prices? BangHead

Then stop driving to work, duh..... Learn to Work from home

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Twilight · Expert Joined: Mar 02, 2007 Posts: 3076 Location: UK

The usual spin emerged about 41 years of reserves at current rate of production. Can the current rate of production be maintained for 41 years? Hmm...
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Volatility. When life isn't exciting enough.

pup55 · Expert Joined: May 26, 2004 Posts: 3801

Highlights:

Global oil production decreased 0.2%. Global fuel consumption increased 1.1%. The "gap" between supply and demand is about 4 million barrels per day.

Mexico: Production declined about 5% but internal demand increased 2.8%. I will calculate the trajectory of the curves on this to see the point at which they become a net exporter.

Iran: Production increased 0.4%, internal demand increased 0.4%.

Saudi: production decreased 4.1%, demand increased 7%. Quite awhile before the ELM takes that one over, however.

Production declines: Mexico; -5.5%, Norway -7.7%, Venezuela -7.2%, the UK was flat at 0.2% increase, Indonesia -4.9%

Consumption increases: China: 4.1%, South Korea 1.9%, Canada 2.7%, Argentina 12%, Brazil 5.8%

Consumption decreases: Germany -9%, Japan -3.5%

Russia: About even on consumption, 2.2% increase in production.

The US was about even on both consumption and production.

Angola increased production 300,000 bpd.
Iraq: still continues to be a miracle. 7.3% increased production, nearly 200,000 bpd over and above last year.
Azerbaijan: increased about 200,000 bpd also, 31% over last year.

Kuwait declined about 2% in production. That's a little ominous.

Twilight · Expert Joined: Mar 02, 2007 Posts: 3076 Location: UK

nth · Light Sweet Crude Joined: Feb 24, 2005 Posts: 1976

Germany decrease by 9%. How they do that?

KingM

Eli

The French have reduced their usage too over the years.

They do that by building an excellent mass transit system and a working rail system.

What do we do in the US?

We build more highways and expand the lanes even though we cannot even keep the old ones in good shape.

Here in the US we have passenger rail sharing the tracks with freight.

Basically we suck, and have been operating the false idea that oil would be cheap forever. We will reduce our demand by laying people off.

shortonoil · Fission Joined: Dec 02, 2004 Posts: 2717 Location: VA USA

Eli said:

Graeme

BP chairman says oil industry did not prepare for unexpected demand surge