a comment.. about that post.
RON PATTERSON
IGNORED
10/13/2022 at 9:13 am
Earlier Dennis, and I guess the rest of us, agreed that if the world were to surpass the peak hit in 2018, then it was up to these 11 oil producers. They were Saudi, USA, Russia, Iran, Iraq, Kuwait, UAE, Norway, Canada, Brazil and Canada. We called them the Big 11.
Well, Russia has now become part of the problem, no longer part of the solution. It is now the Big 10. The Big 10, as of June 2022, are about half a million barrels per day below their pre-covid level and about 900 Kbp/d below the world November 2018 peak.
RON PATTERSON
IGNORED
10/13/2022 at 9:21 am
But what about the rest of the world? After all, if they are declining, and indeed they are, then it is up to the Big 10 to make up for that decline. Well, it turns out they are not doing so well. They are 4,304 Kbp/d below the world peak in November 2018, they are 3,216 Kbp/d below their pre-covid level, but worst of all they are now 2 million barrels per day below their pre-covid decline rate. Their decline rate is increasing. Apparently, they shut down a large number of marginal wells and now they cannot be restarted.
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