Peak Oil - Not If but When Message Board

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Gold/Mining/Energy : Peak Oil - Not If but When

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From: veritas501	12/23/2009 10:30:09 AM
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According to Reuters, OPEC has spare capacity of 4.2 million bbls per day from production cutbacks implemented during the year. Non-compliance by some OPEC members with the production quotas has added currently about 800,000 bbls per day to world oil production, so in effect OPEC has a spare capacity of 3.4 million bbls per day. Since non-OPEC production is declining, in fact Net Oil Exports of non-OPEC exporting countries is falling faster than production, it means OPEC is the last resort for world oil spare capacity. snipurl.com So, when those 3 million bbls per day are consumed by the world, guess where oil prices are headed? Something Americans should start thinking really hard about: Mexico's oil exports declining. In 2008, Mexico's oil exports declined by 22%. snipurl.com Finally, as the below graph shows, China and oil producers are for each unit of GDP much more intense oil consumers than the USA. Consequently, as their economies expand, it will be bad news for everyone else. i48.tinypic.com

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