 | Why oil costs over $130 per barrel: the decline of North Sea Oil | The Oil Drum | Energy Export Databrowser |  |
497 comments on DrumBeat: June 10, 2008
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497 comments on DrumBeat: June 10, 2008
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As per EIA, the world Crude and other liquids production is estimated at 82.5 MBD in the year 2007 as compared to current figure of 74.3 MBD projected in the graph. Isn't the gap between the two figures too high and why?
An example might help to answer your question.
For 2007, total world oil supply was 84.5 mbd
http://www.eia.doe.gov/emeu/ipsr/t14.xls
2007 world crude & condensate production was 73.2 mbd.
http://www.eia.doe.gov/emeu/ipsr/t11d.xls
2007 world natural gas liquids production was 7.9 mbd
http://www.eia.doe.gov/emeu/ipsr/t13.xls
That gives 2007 total world C&C&NGL of 81.1 mbd.
World biofuels production for 2007 was about 1.2 mbd.
World coal to liquids and gas to liquids for 2007 was about 0.2 mbd.
That gives a total of 82.5 mbd for 2007 which is still less than 84.5 mbd. The difference of 2 mbd is assumed to be refinery processing gains - "Processing gain: The volumetric amount by which total output is greater than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a lower specific gravity than the crude oil processed."
http://www.eia.doe.gov/glossary/glossary_p.htm