Last month I noted that global liquid fuel production appeared to be reaching a new peak on a monthly basis (subject to revisions and further data). Now, OPEC is out with their Jan report and initial numbers for December global production. These show December basically level with October and November, at this new peak level.
The IEA comes out with their numbers tomorrow (assuming they make the supply number public - occasionally they don't). So I'll update my graphs and comment further then.
IEA sounds oil price alarm
ReplyDeleteIEA executive director Tanaka told reporters on the sidelines of an industry conference that Opec "needs to show more flexibility" in increasing oil production according to Reuters. "If the current price continues, it will have a negative impact," he said.
Ministers with Iran, Venezuela and Libya have all said no big deal if we pass $100/bbl. I mean to look into historic responses to quotas - as is the case with production itself, it might be instructive to find out how elastic OPEC response has been in the past.
de Margerie, Total CEO, also alluded to a serious problem coming by saying something like "problem isn't potential quantity but quantity put on the market", or in other words OPEC should produce more, exact quote below :
ReplyDeletehttp://petrole.blog.lemonde.fr/2011/01/17/de-margerie-le-prix-du-brut-grimpe-trop-haut-trop-vite/#xtor=RSS-32280322
Serious new mess is coming soon, and don't expect anyhting from boring airheads "singularity theory" and the like. (totally unrelated subject ? not so much)
And when are the US going to increase their totally ridiculous gas tax level ? Contrary to popular belief it is never too late, and gas is still dirt cheap.
Stuart
ReplyDeleteWondering if, given recent worldwide record breaking floods, you have revisited your thoughts on which of climate change, peak oil or singularity hits us first. Its climate change earlier and worse than expected isnt it? Although, I see the first 3D printers are now commercially available.
"Although, I see the first 3D printers are now commercially available. "
ReplyDeleteAnd this would be an indication of "singularity" coming ?
You guys are really funny, singularity is nothing but a religious thing, it is the puritan self hate ultra utilitarianist version of the classical Messiah myth. Exactly that, no more, no less.