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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Beobe who wrote (9833)	1/12/2010 2:05:31 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24213

westexas (Jeff Brown) on January 12, 2010 - 9:48am In regard to the "Peak Oil is a Myth" du jour articles, perhaps I should just post the Texas/North Sea case history every day (which is practically the case anyway): theoildrum.com In any event, if the oil industry could not bring production back to peak levels in two regions developed by private companies, using the best available technology, with virtually no restrictions on drilling, during periods of rising oil prices, why wouldn't other regions--and then the world--peak and decline in a similar manner? Michael C. Lynch's response to this question, when I posed it to him, was to basically pretend that Texas & the North Sea, which jointly accounted for about 9% of total cumulative world oil production through 2005, don't exist. He said those are clearly areas in which he would choose not to drill. Incidentally, in the following (early 2004) article the Saudi Oil Minister reiterated their support for the $22-$28 OPEC price band, and they made good on their promise, when they significantly increased their net oil exports in 2004 & 2005: independent.co.uk. Mr Al-Naimi said: "Saudi Arabia continues to be committed to OPEC's $22-28 price band. There are signs that worldwide inventories have begun to build but no one really knows for sure. I do not believe there is a fissure [within Opec]. There is dialogue. Opec in general is committed to the band," he said. But then only two years later, in early 2006, when oil prices were more than twice the upper limit of the OPEC price band, the Saudi Oil Minister complained about problems finding buyers for all of their oil, "Even their light, sweet oil." Why didn't they offer to sell another one, two or three mbpd at $28 per barrel?