It starts out with a short piece on Russia:
This series of posts has just completed a review of the different regions of Russian oil production, with the conclusion that while Russia may maintain current production levels of around 10.4 mbd for a short time, it faces rising domestic consumption levels because it is not replacing existing production at a fast enough rate to be able to sustain exports. Without more investment than is likely available, the rate of new field development (given the harsh and remote nature of the sites) means that there will be a slow decline in available oil to the market starting fairly soon. Given the large supplies of natural gas coming available, this series is going to focus a bit more on oil as we continue the review.It's another great review, the kind expected at The Oil Drum.
My favorite couple of lines in that post:
In seeking to predict future production, the NEB [Canada National Energy Board] anticipated that the price of a barrel of oil would rise relatively modestly over the next 20 years. Even in their high estimate, they do not see the price rising to more than $160 a barrel by 2035 (who would bet that the estimate is exceeded this year or next?).The "article" also questions Saudi's ability to step up to the plate, something I have blogged about often.
At the very end of the series of posts, there is a question/comment regarding the Bakken.
The Oil Drum has been used as an advocate to the idea of peek oil in the past. They don't come out as direct advocates per say but that is the direction of their focus. Since that is not the case in the US now they well likely focus on the idea of world peek oil.
ReplyDeleteThere is an abundance of crude world wide. It just takes the ability and the desire to recover it.
I had forgotten that; it's been a long time since I posted something from The Oil Drum.
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