As I have reported many times these past few months, Mexican oil production has been declining rapidly. Last year’s full numbers were just released, and the country produced ~9% less oil in 2008 than the year before, even though prices hit their highest ever. But there was an interesting trend at the end of last year that could determine whether their exports will fall to zero by the end of Obama’s first term. (more…)
Posts Tagged ‘oil supply’
Oil in Mexico: Where is it headed?
Monday, January 26th, 2009Report Forecasts Global Oil Supply Shortfall within 5 years
Thursday, October 30th, 2008A collection of UK companies including Arup, Virgin Group and Solarcentury just released a report they hope is a wake-up call for oil importing countries like the UK and the US.
Entitled “The Oil Crunch: Securing the UK’s Energy,” the report brought together insight from a range of sources that demands serious attention about the future of world oil supply after 2010. The first major voice (called Opinion A) is that of (more…)
The 2009+ Oil Story: A Race Between Depletion & Demand Destruction
Monday, October 13th, 2008The International Energy Agency (IEA) just lowered its global demand forecast again in its October oil report, making 2008 demand growth lower than 500,000 barrels per day (half the average rate of the last several years). The news, along with the financial collapse of last week, brought oil below $80 per barrel for the first time in a year before rebounding today along with global stock markets. Also in the report was a reduction in supplies, especially from non-OPEC countries who may be in permanent decline from here on out. Thus, the trillion dollar question that emerges for more accurate price projection is: Which will be faster — (more…)