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To: Wharf Rat who wrote (152032)	12/11/2010 1:39:58 PM
From: Wharf Rat	Respond to of 542552

Notice everything with the IEA is demand, demand, with only a vague nod to production? Here's why... "Crude oil output reaches an undulating plateau of around 68-69 million barrels a day by 2020, but never regains its all time peak of 70 million barrels per day reached in 2006," (actually, '05 production was > '06) IEA sees oil supply peak looming, ups price view Tuesday, 09 November 2010 23:55 Message 26953070 == Floating Oil Storage Seen Exhausted By 2Q '11 -BP Economist By James Herron Published November 24, 2010 LONDON -(Dow Jones)- Floating storage of crude oil and oil products is likely to be completely exhausted by the second quarter of 2011, said BP PLC's (BP) Chief Economist Christof Ruehl Wednesday. Almost 140 million barrels of oil and oil products was being stored in ships at the start of 2010 following the demand slump during the 2009 recession, Ruehl said at the Oil Council conference in London. This amount has run down steadily this year as demand has recovered but oil production has remained steady, he said. Onshore oil inventories in Organization for Economic Cooperation and Development countries remain at record levels, providing a buffer against rising demand even if global oil production remains steady, he added. Copyright © 2010 Dow Jones Newswires foxbusiness.com