Think you need to look at the fundamentals and break them right down to see where oil is heading. Sorry 9L i do like your charts but i am a true believer that a chart will go where the fundamentals send it LOL. Firstly lets look at world reserves
World Proved1 Reserves of Oil and Natural Gas, Most Recent Estimates January 1, 2007
Please see http://www.eia.doe.gov/emeu/international/reserves.html
Region (Billion Barrels)
North America .213.319 Central & South America .102.798 Europe .15.800 Eurasia .98.886 Middle East .739.205 Africa .114.073 Asia & Oceania .33.366 World Total .1,317.447
Top World Oil Producers 2006 (millions of barrels per day) Please see http://www.infoplease.com/ipa/A0922041.html
Producers1 Total oil production 1. Saudi Arabia .10.72 2. Russia .9.67 3. United States .8.37 4. Iran .4.12 5. Mexico .3.71 6. China .3.84 7. Canada .3.23 8. United Arab Emirates .2.94 9. Venezuela .2.81 10. Norway .2.79 11. Kuwait .2.67 12. Nigeria .2.44 13. Brazil .2.16 14. Iraq .2.01 Total .61.48
Top World Oil Consumers 2006 (millions of barrels per day)
1. United States 20.59 2. China 7.27 3. Japan 5.22 4. Russia 3.10 5. Germany 2.63 6. India 2.53 7. Canada 2.22 8. Brazil 2.12 9. South Korea 2.12 10. Saudi Arabia 2.07 11. Mexico 2.03 12. France 1.97 13. United Kingdom 1.82 14. Italy 1.71 Total 51.9
So based of just the worlds top 14 producers and Consumers lets do the sums World reserves= 1,317.447 trillion barrels Top World Oil Producers= 61.48 million barrels of oil per day Top World Oil Consumers= 51.9 million barrels of oil per day
1,317.447 divided by 61.48=21428.87118 divided that by 365=58.7092361 So looking at the world top oil producers the world has about 58 years supply at these levels 1,317.447 divided by 51.9=25384.33526 divided that by 365=69.546124 So looking at the world 14 top oil Consumers the world has about 69 years supply at these levels
Now this is just the world top 14 Consumers. The total world consumption of oil currently is 82.59 million barrels per day so by using the same maths and based of current world reserves we have 43.7031582 years worth of oil left at current Consumption rates.
Scary stuff when you do the maths. Also remember we haven't taken into account Chinas and India's growth rate on there economies and how supply and demand will be effected as there economies grow.
