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PaulS's picture

Peak Oil – Supply data doesn’t lie

Peak Oil – Supply data doesn’t lie
by Puru Saxena
Editor, Money Matters
August 26, 2009

ENERGY – After the epic crash last year, the price of oil is stabilising and it should rise exponentially over the following years. Over the past year, global consumption has stayed weak, however once the economy recovers, crude oil should resume its secular bull-market.

Despite the ‘demand destruction’ hype, it is interesting to note that during this severe global recession, worldwide oil usage has dropped by a minuscule 2.7%. So, what will happen when the world comes out of this recession? Who will rise up to the challenge and meet our insatiable thirst for energy? These are critical questions not many are willing to ask.

This excellent article continues here: http://www.financialsense.com/editorials/saxena/2009/0826.html

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Despite the ‘demand destruction’ hype, it is interesting to note that during this severe global recession, worldwide oil usage has dropped by a minuscule 2.7%.
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However, you may want to note that despite these tough economic conditions, consumption has been extremely resilient in the emerging world. For instance, demand in the developing countries peaked in October 2008 at 46.33 million barrels per day and it is down by only 0.36 million barrels per day! I don’t know about you but I am amazed that the worst global recession in decades has barely managed to shrink energy demand in the developing world.
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Interestingly, in last year’s “World Energy Outlook”, the IEA stated that in order to fulfil its optimistic projections, the world had to install 64 million barrels per day of new supply by 2030 or the equivalent of six times the Saudi Arabian output! Furthermore, the IEA declared that the energy industry had to invest hundreds of billions of dollars every year to achieve this favourable outcome.