The Oil Drum | Straining To Keep Up

21 comments on Straining To Keep Up

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louGrinzo on October 22, 2005 - 5:44pm

According to page one of the linked report, the combined oil production of the "top 22" is only 16.7mb/d in 2Q2005, about 20% of the world consumption.

Most of these companies are indeed losing marketshare--no one could argue that. But there's no connection between what that small part of the world market (which overall is still increasing production or holding steady) and IEA's mythical 10gb number.

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Stuart Staniford on October 22, 2005 - 6:35pm

The comment was tongue-in-cheek needless to say. But these guys do matter a lot. If you look at the latest megaprojects report, most of what's coming on stream in the next few years is deep-water and Caspian projects from the IOCs (plus Petrobras). So if the IOCs cannot turn around the trends in the graphs above quickly, it will be a very big deal. OPEC is not acting like it's going to save the day (either because it can't or it won't, depending on your political persuasion).

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21 comments on Straining To Keep Up

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