Tuesday, February 16, 2010
In recent days, the IEA and OPEC have come out with January global liquid fuel production numbers. I updated my graphs accordingly. The above shows just the recovery since the trough in global production last summer. I think the last few months show some sign of a softening in the rate of increase, though it's too soon to say it's more than just noise. At any rate, the overall recovery trend is now 3 +/- 1 mbd/year.
Below is the data since 2002, with five month centered moving average, recursed once (and CPI adjusted oil price on the right scale).