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166 comments on DrumBeat: March 8, 2008

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Robert Rapier on March 8, 2008 - 10:20am Permalink | Subthread | Parent | Comments top

May 05 is still the record but by only 96 kb/d. December 07 total C+C production rose 451,000 bp/d to 74,202,000 bp/d.

I told you it would be close. They could always revise downward, but it looked to me like May 2005 C+C was in some danger of being broken in December.

In conclusion I don’t see any huge gains in either OPEC or Non-OPEC in the near future.

I agree with that, although Khursaniyah will add a little to Saudi's capacity. I don't see them boosting production when it comes online though.

Other than OPEC, I think most everyone is pumping all out at these prices.

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Starship Trooper on March 8, 2008 - 4:32pm Permalink | Subthread | Parent | Comments top

They waited pretty late in the day to release it. It is close.

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GreyZone on March 8, 2008 - 8:03pm Permalink | Subthread | Parent | Comments top

Agreed. Crude is about at max. All liquids can only rise from other liquids. Peak crude has a good shot of standing as May 2005. Peak all liquids is either here or getting pretty close depending how biofuels plays out.

May 2005 is still not safe but it's very clear now that crude is going to have a rough time breaking that number and even if it does, it won't last. Everyone is maxed out in the petroleum business.

Peak all liquids in 2009, Robert? Or later? What's your gut feel (and NOT a prediction)?

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PeakTO on March 8, 2008 - 10:20pm Permalink | Subthread | Parent | Comments top

Last check, Ace was predicting Peak All Liquids somewhere around 2009...I think May by his last graph.

2009 - 2010...and All liquids, it's sadly amusing to see how we watch these numbers (me too) all the while, the mess is already unfolding.

I wonder if anyone in the future will care what the final numbers were?

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Robert Rapier on March 9, 2008 - 2:32am Permalink | Subthread | Parent | Comments top

Peak all liquids in 2009, Robert? Or later? What's your gut feel (and NOT a prediction)?

Gut feel? 2009/2010. But we have been solidly in the Peak Lite era since 2005/2006, and for all practical purposes you are seeing what true peak is going to look like. My own belief is that these high prices are a blessing, because they will force us to start changing behaviors pretty quickly. Soon enough? No. But any preparation is better than none at all.

I don't agree with Matt Simmons on his comparison between high gas prices in the UK and the US. Their per capita oil usage is half of ourse. High prices won't impact them as much. We are seeing impacts now, and I believe would see even more significant impacts if people understood that these higher prices are here to stay.

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166 comments on DrumBeat: March 8, 2008

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