The Archruid yesterday posted a graph that purported to be US oil production from 1920-2012:
Production in 2013 is likely to be over 7mbd.
The full graph makes it clear that the tight oil boom of the last few years is now considerably more significant to US oil production than the onset of Alaskan production in the late seventies and early eighties. However, this is still not an imminent threat to the peak of US production in 1970.
The proportion of shale oil production relative to world oil production would be a more meaningful statistic. 1.5 million barrels is still peanuts on the market that oil is actually traded on: the global one.
ReplyDeleteBelow last forecasts from Jean Laherrère, from a new report to appear soon :
ReplyDeletehttp://i.bnet.com/blogs/laherrere_all_liquids_production_1900-2200.jpg