Friday, February 21, 2014

World oil market needs another Saudi Arabia every 3 to 4 years

Peak oil is not a myth | Chemistry World: "Current data for the decline in oil fields’ production indicates that around 3 million barrels per day of new production must be achieved year on year, simply to sustain supply levels. This is equivalent to finding another Saudi Arabia every 3–4 years. In this context, fracking is at best a stop-gap measure. Conventional oil production is predicted to drop by over 50% in the next two decades and tight oil is unlikely to replace more than 6%. "

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