:>)
I got all excited cuz somebody got it, but it was "just" you; well, at least there are 2 of us.
Heard Jeff on the radio yesterday, interviewed by Jason Bradford...
westexas on June 17, 2008 - 8:38am
Any report on the actual flow rates from Thunderhorse? Take a look at the chart of Mexico's production on Rembrandt's Oil Watch Monthly. Is it any wonder that combined petroleum exports from Venezuela & Mexico (VenMex) to US shores declined at an annualized rate of -32%/year from 10/07 to 3/08? In the past four weeks, 28 days, Gulf Coast crude oil inventories have fallen at the rate of 800,000 bpd. Also take a look at the plot of Russian production.
Consider what is happening here. We have four top ten net oil exporters (Russia, Norway, Venezuela & Mexico) showing declining net oil export rates that range from bad, Russia, to catastrophic, Mexico. And these are key Proximal Petroleum Producers--VenMex to the US, Norway & Russia to Europe.
So, Asia wants increased exports from the Persian Gulf and Africa to meet increased demand, and Europe and the US want increased exports from the Persian Gulf and Africa to offset declines from their Proximal Petroleum Producers.
Is it any wonder that oil prices are up more than $50 since early October? We are currently on track to see oil prices double about every 12 months, as importers bid for declining net oil exports, and I expect to see a continuing acceleration in the overall net export decline rate.
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