World oil production will likely not be able to meet global demand as early as the middle of the next decade, according to a new study by Washington-based consultants PFC Energy. “We’re producing more than we find by a considerable amount,” Mike Rodgers, a senior director at PFC, said in a presentation at the Center for Strategic and International Studies. “We don’t really see this changing very much between now and the end of the decade.”
With production now exceeding new discoveries by as much as 8 billion barrels a year and most non-OPEC output levelling off or falling, the world will become increasingly dependent on OPEC to meet growing demand. However, the study suggests that even OPEC will not be able to make up the difference between non-OPEC supply and global demand beyond 2015-2020.
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