236 comments on DrumBeat: June 16, 2006
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Note that the recent 500,000 bpd decline in Saudi production, if it holds or get worse, would--all by itself--more than wipe out the entire gain in net oil exports last year.
Add to the equation the possibilties of increased consumption within some of the producers and exporters, and it would not be unlikely that net (oil) exports declined through 2006.
And regarding EROEI, it culd be fair to assume that oil recovered now takes a little more energy than last year.
This could intensify the bidding war for oil later this year.
Normally demand is weaker through May and June, and picks up through the 3.rd quarter.