The future might be too bright to stare at, but back here in 2012, oil supply continues to look flat. There's been no significant upward trend since January. This is starting to feel a bit like the 2005-2007 plateau:
Note that this graphs above show three estimates of total liquid fuel production (and their average). "All liquids" includes natural gas liquids and biofuels as well as actual oil. Generally, the non-oil components have been accounting for most of the growth since the end of 2004.
6 comments:
Dear Stuart,
These graphs MUST be wrong, the USA/"North America" is rapidly becoming energy independent because production is booming! Your graphs do not support this view, please correct,
Sincerly
Dr. F. Birol
Chief Economist IEA
Thanks Stuart,
I'd been pondering what the position was regards oil.
The graph might be flat for 2012, but it appears to be a good 2 million bpd above 2011.
Peak oil anyone?
Could someone please pass the super-straw?
Stuart,
Doesn't an adjustment for energy content make sense? Ethanol and NGL both contain considerably less energy per barrel than crude. If you did these charts in exajoules, quads or barrels of oil equivalent, it would give a better feel for increases in energy over time. See
https://sites.google.com/site/dc78image/images/world trend.png
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