The Oil Drum: Europe | Will OPEC increase supply in the 2nd half of 2007? Or has Ghawar peaked?

139 comments on Will OPEC increase supply in the 2nd half of 2007? Or has Ghawar peaked?

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fasp on June 20, 2007 - 2:56am

Sauda Arabia has peaked, so fasten your seatbelts and get ready for a real rollercoaster ride.

I am only one.
I cannot do everything.
But still I can do something

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ace on June 22, 2007 - 2:15am

World Crude Oil & Lease Condensate Production Rate Changes

Mar 2007 world production of crude oil & lease condensate (C&C) has declined since Mar 2006 and also since Feb 2007. Saudi Arabia, the North Sea and Mexico are showing large production falls. New Buzzard oil has not prevented the North Sea from continuing to decline. Mexico will continue declining as Cantarell declines.

Many countries are showing good increases in production. However, only some will be sustainable. Canada’s increase is due mostly to oil sands and will increase further only if there are sufficient inputs of water and inexpensive natural gas, as well as easy environmental constraints. Production rates from USA, Russia, and Iraq are likely to stay constant to 2009. Azerbaijan, Angola, Brazil and Kazakhstan production rates should increase.

On balance, total production falls are just greater than total production increases. As Saudi Arabia has peaked, this situation will continue which will cause world C&C production to continue declining very slowly.