China is adding a mmbo per day of demand, each and every year.
The big fields found in the 70s (North Slope, North Sea, West Siberia) are all in decline.
Oil is pulling back, but this is driven by supply and demand, not a political shock as in the late 1970s.
As I said during the run, the key isnt the height of the peak, but the height of the trough.
Ian Whitchurch
