Reply #8: Looks like Oil Producers are running up the down escalator.

[JohnyCanuck]

Latest from Mike Ruppert's site at www.fromthewilderness.com

The world is now losing more than a million barrels of oil a day to depletion – twice the rate of two years ago – according to a new analysis published this month in Petroleum Review, the oil and gas magazine of the Energy Institute in London.

The analysis shows that output from 18 significant oil-producing countries, accounting for almost 29 percent of total world production, declined by 1.14 million barrels a day (mb/d) in 2003. The annual rate of decline also appears to be accelerating, contrary to the widely held view that depletion progresses slowly.

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“It appears that depletion is now becoming a much more significant, though largely unrecognised, consideration in the supply-demand equation, and may be contributing to the rise in oil prices,” said Chris Skrebowski, Editor of Petroleum Review and a Board member of The Oil Depletion Analysis Centre (ODAC), who prepared the new analysis.

<snip>

By re-ordering the BP data on a continuum from those producers with the largest declines to those with the largest gains, his analysis shows that in 2003 the producers still able to expand production had to increase their total output by over 7.5 percent to achieve overall world production growth of about 3.7 percent.



www.fromthewilderness.com/free/ww3/082304_million_depletion.shtml