As I expected, the Oil Drum has posted a reaction to the CIBC report that I mentioned a couple days ago on oil production and future oil production increases on it’s website. I recommend reading it.
They also have a good headsup on a new discussion about making Chevron oil and gas supplies last longer…
Here’s what they have to say on the CIBC report.
From that point of view it was a relief to turn to the CIBC report, which is factual, comes from experts, and has justifications for the opinions expressed. It is very sobering. It begins by pointing out that with non-OPEC supply remaining virtually unchanged over the past two years, the world production grew by a meager 900,000 bd this past year. (Their choice of adjective). The segment by Rubin and Buchanan on pages 6-9 recognizes the problem that depletion of existing fields is playing with future supply reliability.
They have links to the original report and the comments below the article from readers are insightful.
Cheers…