Wednesday, December 12, 2012
The November OPEC and IEA reports are out and there is some sign that November total liquid fuel supply may have bounced up a little above the level it's been stuck at all through 2012. Some caution is in order since the initial figures often move around as revisions become available, but that's the picture as it stands. The graph above just shows the (non-zero-scaled) recent history since 2008.
This one shows the longer history back to 2002:
This shows the entire era since the onset of the bumpy plateau in 2005, in which it's been difficult to raise total liquid fuel production, and most of the increase has come from non-crude components of the liquid fuel supply (mainly NGLs and biofuels). However, by hook-or-by-crook, total liquids does keep creeping up and we have 5-6mbd more today than we did in 2005-2007. That represents a compound average growth rate of about 0.8%/yr over the period 2005-2012.