- 70% of daily oil supply comes from oilfields "on production" for 30 yrs or more
- 20% of global supply comes from 14 giant oilfields whose average age is over 50 yrs old
- a growing number of key production areas have passed "peak oil supply"
- Light, sweet crude has peaked and the liklihood of discovering vast new reserves of light, sweet crude is diminishing.
DEMAND PROBLEMS:
- growth in the next 3 mths is estimated to total 2.4 million barrels per day
- growth in the next 15 mths is estimated to total 4.3 million barrels a day
- by 4th quarter 2005, world demand could be almost 86 million barrels per day
- in the early 1990's most oil experts thought demand was permanenty stuck at 66 million barrels a day.
Source: edited from Matthew R Simmons: "The Peak Oil Debate: Crisis or Comedy" ... Sept. 27 2004
The POLITICAL FACTORS & NATURAL DISASTERS that are (and will) affect the DELIVERY of supply have to also be factored into the equation of rising oil prices
