barrel of oil reached 86.13 dollars last Monday in New York. As you can see from the chart above, it was 20 dollars in 2002 to 30 in 2004 dollars, 50 dollars in 2006, and now exceeds $ 80.
must know that world oil production peaks at present to 84 million barrels per day.
Here are the numbers for recent years (source: EIA ):
- 2003: 79.62 million barrels per day.
- 2004: 83.12 million barrels per day.
- 2005: 84.63 million barrels per day.
- 2006: 84.60 million barrels per day.
- 2007: 84.31 million barrels per day. (First semester)
As I wrote May 16, 2005: the peak of world oil production is this year, and the above figures prove it. Since 2005, the existing wells are drying up faster than new discoveries, and we can no longer exceed 84.6 million barrels per day.
It is happening in this world has already happened to oil offshore UK : we have passed the peak of production, and we began the slow decline in production.
As at the same time, demand from China is growing strong , $ 100 a barrel should not be long now.
For more information:
1. barrel of oil reached a new peak over $ 86 (The World)
2. Light Crude Oil (CL, NYMEX) (TFC Commodity Charts)
3. Other International Petroleum (Oil) Data (Energy Information Administration)
4. Towards the end of oil (Gaia)
Credit graphic: TFC Commodity Charts
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