Template:Peak sep-07

From Lauraibm

Full article: Oil Production nearing the Peak (28-Aug-07)

Together the top seven international oil companies (IOCs) produce about 12.5 million barrels a day (just over a quarter of all non-OPEC output), plus 43 billion cubic feet a day of gas. They have delivered only about half the growth promised a few years ago. Exxon Mobil, Shell and Chevron all produce less now in 2002. Global demand for oil and gas has stabilized over the last year or so, after a steady increase at 1.4% to 1.6% a year up to the surge in 2004. Future growth may remain lower, driven nor by higher prices. Meanwhile, gas offers a relatively low-cost, cleaner substitute and is set to last much longer. Much of the real problem may be short-term delivery, and the recent tight capacity may persist for another two years or more.