Within 5 to 10 years, non-OPEC production will reach a peak and begin to decline, as reserves run out. There are new proofs of that fact every day. At the same we'll see the peak of China's economic growth. The two events will coincide: the explosion of Chinese growth, and the fall in non-OPEC oil production. Will the oil world manage to face that twin shock is an open question.There's more at the link, worth checking out.
Thursday, July 05, 2007
Catching up now...
The head of the IEA -- the agency created by the OECD after the oil shocks of the 1970s -- has basically endorsed the concept of Peak Oil. But you didn't read that in the papers, for reasons passing my understanding.