Filed under: Uncategorized | Tags: Azerbaijan, Brazil, Canada, depletion, North Sea, Norway, OECD, Oh Heck, oil supply, OPEC, peak oil, Reguly, Saudi Arabia
Like this Eric Reguly character of the Globe and Mail:
Why hasn’t the high price triggered a production surge? The biggie, it seems, is that the non-OPEC countries are simply not up to the job. As Barclays points out, non-OPEC supply last year landed at a full one million barrels a day less than forecast by the International Energy Agency. The North Sea (whose production is shared by Britain and Norway) continued its terminal decline. Brazil and Azerbaijan were also the scenes of production disappointments.
Meanwhile, OPEC, dominated by Saudi Arabia, is sweating exceedingly hard. OPEC production volumes are at three-year highs, to the point that the cartel has only about 1.6 million barrels a day of spare capacity, and still prices are climbing.
Filed under: Uncategorized | Tags: Azerbaijan, demand, demand destruction, depletion, OECD, OPEC, peak oil, supply
He said, “Any disappointments on the demand side have on average been outweighed by disappointments on the supply side, and in particular the spectacular deceleration in non-OPEC supply after the first quarter started off on a strong note with non-OPEC supply in January increasing by almost 1 million b/d, continuing the momentum seen across the fourth quarter of 2010.” Despite strong growth in production of unconventional liquids, non-OPEC supply growth virtually ground to a halt. Horsnell blamed underperformance in the North Sea, technical issues in Brazil and Azerbaijan, decline rates in China, fires in Canada, strikes in Kazakhstan, and geopolitical disruptions in Sudan, Yemen, and Syria.
“The only bright spot has been the US where the momentum in oil shales has continued to tick higher, helping offset some of the weakness from the rest of the world,” he said.
Could be what Peak Oil looks like.