Insight and inspiration in turbulent times.
The second largest producing field in the world is the Cantarell complex in Mexico, with 2.1 MMb/d of output in 2003 up from 1.9 MMb/d in 2002. Cantarell is expected to decline rapidly over the next few years, falling as far as 1 MM b/d by 2008.
From ODAC bulletin: Of the top 45 oil-producing nations that accounted for 98.7 percent of world oil production in 2003, a total of 25 (including 7 of the 11 OPEC nations) are now past their peak.
Since crisis is defined as a sudden unexpected happening that hurts people and economies, it can said that the oil issue has turned into a crisis.
Out of the earshot of the environmental think tanks in Washington and California, Kerry said: “I want Americans to drive. You want to drive a great big SUV? Terrific. That’s America.”
Iranian Defense Minister Ali Shamkhani warned Wednesday that Iran might launch a preemptive strike against US forces in the region to prevent an attack on its nuclear facilities.
Despite pledges to increase its output, Saudi Arabia, OPEC’s largest producer and exporter, produced about 9.13 million barrels a day of oil in July, down from 9.52 million barrels a day in June, according to Petrologistics.
By way of clarification, the issue isn’t that the world is running out of oil, it will of course, but not for some time. The real issue is that the global production of oil is about to peak, after which we will move into a period of decline, this production decline will be permanent.
PRESIDENT HUGO Chavez has won a resounding victory in a referendum designed to topple him and the government of Venezuela—a government hated by the rich and powerful in both Caracas and Washington.
OPEC first confirms then denies then confirms again that it is pumping at full capacity amid questions about Saudi Arabia’s reserves.
American leaders have good reason to worry about the price of oil. Oil price shocks can play a decisive role in ending a presidency, as in the cases of Presidents Jimmy Carter and George H. W. Bush.
China’s imports of crude oil in the first seven months rose nearly 40 percent from a year ago as the energy-hungry economy expanded at close to double-digit levels, state press reported.
The American government officials and presidential candidates of both parties know all about Peak Oil and the fact that (UNDER ALL CIRCUMSTANCES) the American way of life (as we know it) is nearing its end.
