The world must find an extra 64 million barrels a day of oil production by 2030, equivalent to replacing Kuwait's output every year, to meet demand growth and counter the decline of existing fields, the International Energy Agency said.
The agency, an adviser to 28 nations, forecasts global oil demand will rise by 1 percent a year through 2030, while the output decline at existing fields will accelerate to 8.6 percent from 6.7 percent. There must be ``adequate and timely'' investment in global oil output for supplies to suffice, the Paris-based IEA said in its annual World Energy Outlook published today.
``There remains a real risk that under-investment will cause an oil-supply crunch'' by 2015 as the decline in output from mature oilfields speeds up, the Paris-based adviser said. ``The gap now evident between what is currently being built and what will be needed to keep pace with demand is set to widen sharply after 2010.''
An additional 64 million barrels a day of additional production must be bought on stream between 2007 and 2030, the group said. That is about 2.78 million barrels a day every year. Kuwait currently produces about 2.6 million barrels a day, according to Bloomberg estimates.
Bottom line: We're in a bull market sell-off right now.
3 comments:
Maybe Alaska can fill the gap! Not.
Oil, oil, oil what’s to be one. The major use for oil in the United States is to move one fat ass around from place to place. This is the least necessary use for oil but it gets the most attention. Hydrocarbon feedstocks going into virtually everything we buy gets no press. I have no doubt that in 50 years they’ll be saying: “You burned oil, you actually burned oil! You burned it just for heat or to travel one at a time in machines that used one twelfth of a gallon to go one mile? You stupid pigs, you poked holes everywhere and sucked it all out and burned it!” This will be the case if we don’t collectively come up with a way to replace 75% of what we’re using just to convert it into green house gases. The technology exists now and it’s getting better every day to do just that. All that has to be done is to throw off the yoke of “free markets” and the influence of Exxon. T. Boone lamented today that the price of natural gas fell below the break even point for wind generation. All that has to be done is to establish a tax that kicks in at a point where wind generation becomes the better alternative. If we can subsidize Wall Street’s malfeasance we can subsidize our future.
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