Quote:
Originally Posted by Andrewl
Not to split hairs or anything but we have produced no more than around 85 million barrels a day since May of 2005 while demand continues to rise - May 2005 is the date that some observers are calling the actual peak.
Its a pretty scary situation when you consider that the growth of word economies is expected to demand ~120-130 million barrels a day in just a few decades. And we are already struggling to break the 85 million mark. Not a good sign.
Andrew
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I've seen data showing 87 and 89 million barrels per day production averages during the 2005/06 period. I'll look for a credible source for confirmation.
Either way, it makes a mockery of Saudi's non-stop bull about retaining an ability to increase production on demand. They apparently can't - they are maxed out right now.