ODAC predicts oil crunch in 2012 or 2013
Posted: 19 Feb 2011, 08:58
From the latest ODAC newsletter: -
"Just because output was lower in 2009 than 2008 does not necessarily mean the fall was geologically imposed. We think oil production was lower in 2009 than 2008 because of lower demand caused by the recession, itself caused in part by the spike in the oil price to $147/barrel. That in turn appears to have been the result of an effective plateau from around 2005 to 2008. What's more, output has risen strongly in 2010, rising by 2.8 million b/d in 2010 over 2009, and is forecast to rise by a further 1.5 million b/d this year (IEA - see http://omrpublic.iea.org/). In January this year, IEA figures, which are based on an all-liquids definition similar to the BP Stats, showed production at 88.5 mb/d, against 87.8 mb/d in July 2008. So already we are 700,000 b/d above the previous peak. Chris Skrebowski, ODAC trustee and independent forecaster, suggests the crunch will come in 2012/2013 at 92-94 mb/d. More generally we think that forecasting the precise date is now less important than preparing for the event. Whenever it comes, peak oil is far too close for comfort. "
"Just because output was lower in 2009 than 2008 does not necessarily mean the fall was geologically imposed. We think oil production was lower in 2009 than 2008 because of lower demand caused by the recession, itself caused in part by the spike in the oil price to $147/barrel. That in turn appears to have been the result of an effective plateau from around 2005 to 2008. What's more, output has risen strongly in 2010, rising by 2.8 million b/d in 2010 over 2009, and is forecast to rise by a further 1.5 million b/d this year (IEA - see http://omrpublic.iea.org/). In January this year, IEA figures, which are based on an all-liquids definition similar to the BP Stats, showed production at 88.5 mb/d, against 87.8 mb/d in July 2008. So already we are 700,000 b/d above the previous peak. Chris Skrebowski, ODAC trustee and independent forecaster, suggests the crunch will come in 2012/2013 at 92-94 mb/d. More generally we think that forecasting the precise date is now less important than preparing for the event. Whenever it comes, peak oil is far too close for comfort. "