According to Bloomberg:
Oct. 29 (Bloomberg) — Global crude-oil output is falling faster than expected, leaving producers struggling to meet demand without extra investment, the Financial Times said, citing a draft of an International Energy Agency report.
Annual production is set to drop by 9.1 percent in the absence of additional investment, according to the draft of the agency’s World Energy Outlook obtained by the newspaper, the FT reported. Even with investment, output will slide by 6.4 percent a year, it said.
Read the full article at Bloomberg
- This article is screaming at my face the confirmation of the PEAK OIL theory….do I need to say more?
The weird thing is the economy seems to be the one that is sinking the oil prices and currently the oil prices goes back down to $64 per barrel range and this may unfortunately force OPEC and Non-Opec oil producing countries to do drastic “actions” to curb the falling oil prices and investments.
This means much less oil next year…are you ready for the crunch?
Now, geological reasons behind the decline of matured old oil fields is seriously a very dangerous problem …the alternative new oil fields must be open faster to replace the declined amount and just to maintain the current output of crude oil supply to the world.
The problem now is NET OIL, extractions non-conventional costly oil from deep sea, tar sands and research on more efficient extraction methods will be put on indefinite HALT until the oil prices goes back to profitable region and the flow of “investments” goes back into oil.
This may be harder…then it looks.
Soon there will be countries that cannot survive the shortages….will find their own supermarket empty and people very angry.
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