It looks to me like the peak oil fear of the peak in 2005 is now clearly being surprassed. And looking to push substantially higher through 2011. I also believe there is near endless demand as the developing world keeps moving forward.
My comments: Natural gas liquids is a growing part of the picture. Especially in Opec nations which are taking the gutsy decision of making the huge capital investments to bring these 'trains' online. Non-conventional oil is where most or all of the future gains are going to come from. Deep sea oil like in the gulf of Mexico, offshore Brazil and offshore West Africa, NGL like in the middle east, and tar sands like in Canada and Venezuela.Global oil product demand for 2010 and 2011 is revised up by anaverage of 320 kb/dbuoyant global economic growth and cold northern hemisphereweather. Global oil demand, assessed at 87.7 mb/d in 2010(+2.7 mb/d year
Global oil supply fell by 0.3 mb/d to 88.1 mb/d in December, as non‐OPEC output was reduced, on shortpipeline leak and a fire at a Canadian oil sands upgrader also cutJanuary output. Overall, 2010 and 2011 nonunchanged at 52.8 mb/d and 53.4 mb/d, respectively. OPEC NGLscontribute 5.3 mb/d in 2010 and 5.8 mb/d in 2011.‐lived outages. An Alaskan‐OPEC estimates areon higher‐than‐expected submissions, reflecting‐on‐year), rises by 1.4 mb/d to 89.1 mb/d in 2011.
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