331. SURGE IN OIL AND LIQUIDS PRODUCTION
The recent surge in oil and liquids production should be news in the peak oil world, but it's not. As a piece of optimistic information, it's a sore spot, and is being carefully avoided at doomer feedlots like TOD and peakoil.com. Nevertheless, Rembrandt has the new graphs up in the January Oilwatch Monthly, so lets break through the wall of denial.
For ordinary crude, the May 2005 peak stands, but just barely:
For liquids, we're clearly off the plateau and surging to a new level:
The latest liquids number from the IEA (Dec. 2007) is 87mbd, a new all-time high.
Looks like it's about time for another "prediction" from the The "Amazing" Boone Pickens:
“Never again will we pump more than 82 million barrels.”
-- T. Boone Pickens, 9th August 2004. On the Kudlow and Cramer Show, CNBC.
“Global oil [production] is 84 million barrels [per day]. I don't believe you can get it any more than 84 million barrels."
-- T. Boone Pickens, addressing the 11th National Clean Cities conference in May 2005.
"I don't believe that you can increase the supply beyond 84 or 85 million barrel as day."
-- T. Boone Pickens, on "CNN In the Money", June 25, 2005.
"Supply is—you‘ve just about had it on supply; 85 million barrels a day world supply is about it. "
-- T. Boone Pickens, on Hardball with Chris Matthews, MSNBC, Aug. 26, 2005