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To: Snowshoe who wrote (95808)	1/17/2008 8:25:23 AM
From: ChanceIs	Read Replies (1) \| Respond to of 206209

BP Says World Produces `All the Oil It Needs,' Demand May Fall >>>Lots of headwinds in the press this week, but I remain convinced that Peak Oil is in the rear view.<<< By Eduard Gismatullin Jan. 17 (Bloomberg) -- BP Plc, Europe's second-largest oil company, said the world is producing ``all the oil it needs'' and consumption may fall in the future because of the environmental pressure to cut greenhouse gas emissions. Crude oil production will continue to rise this year, as it did in 2007, said Peter Davies, BP's chief economist. Prices rose to $100 a barrel earlier this month partly because the Organization of Petroleum Exporting Countries restricted supplies, while spare production capacity has increased, he said. ``People will run out of demand before they run out of oil,'' Davies said yesterday evening in Westminster, London. ``We are not short of resources to produce.'' Davies spoke to a meeting of the All-Party Parliamentary Group on Peak Oil and Gas. The cross-party group was founded last year by John Hemming, a Liberal Democrat MP for Birmingham Yardley, central England, to find out more about the outlook for future supply. World oil production rose by about 0.2 percent last year to 85.5 million barrels a day, according to the International Energy Agency. Crude oil futures reached a record $100.09 a barrel on Jan. 3 in New York and prices are up 75 percent from a year ago. Production of 100 million barrels a day ``is achievable,'' Davies said. Global proved oil reserves were at 1.2 trillion barrels at the end of 2006, little changed from a year earlier, according to BP's Statistical Review of World Energy, published in June. They may further rise if Canadian oil sands and Venezuela heavy-oil resources are added, Davies said. ``Oil reserves are not scarce today,'' he said. ``An imminent peak in oil production is not likely in the near term.'' Demand for oil is expected to rise 2.3 percent this year to an average 87.8 million barrels a day worldwide, the IEA, an energy adviser to 27 nations, said in a monthly report yesterday. ``There is a lot of investment now'' in increasing the capacity of the oil service industry, Davies said. Booming demand for rigs, drilling equipment and other services has partly limited the tapping of new fields in the last few years. Oil for February delivery rose 43 cents to $91.27 a barrel at on the New York Mercantile Exchange at 8:39 a.m. London time.

To: Snowshoe who wrote (95808)	1/17/2008 1:11:03 PM
From: Dennis Roth	Read Replies (1) \| Respond to of 206209

World Oil Output Is Declining Slower Than Expected, Cambridge Energy Says By Tina Seeley bloomberg.com Jan. 17 (Bloomberg) -- World oil production will fall at a lower annual rate than predicted, according to a new study that looks at the production life of 811 oil fields. The research, conducted by Cambridge Energy Research Associates and IHS Inc., indicates that the aggregate global decline rate among fields in production is 4.5 percent annually, lower than the 8 percent cited in other studies. ``Some of the more gloomy, pessimistic 'peak oil' views about the future of oil supplies that are current today result from an assumption of high decline rates,'' Peter Jackson, oil industry activity director for Cambridge Energy Research and author of the report, said in a statement today. ``This new analysis provides the basis for more confidence about the future availability of oil.'' To contact the reporter on this story: Tina Seeley in Washington at tseeley@bloomberg.net . Last Updated: January 17, 2008 08:41 EST