Oil supplies, demand dropped in 2009
June 15th, 2010The June 2010 edition of Oilwatch Monthly is now available at Peakoil Nederland.
Rembrandt at The Oil Drum: Europe has posted this chart from the report showing pretty clearly that crude oil production has peaked.
The only thing that is keeping global liquids production more or less on a plateau is growing production of unconventional oil – heavy and extra heavy oil, oil shale, oil sands, natural gas liquids, lease condensates, gas-to-liquids, coal-to-liquids, and biofuels.
The recently released BP Statistical Review of World Energy reports a sharp fall in demand for oil and natural gas worldwide in 2009 – not surprising, given the global economic crisis. World energy consumption fell by 1.1% in 2009, the first decline since 1982. This decline in consumption was led by OECD countries, which saw a 5% decline in consumption in 2009. Emerging countries led by China and India grew energy consumption by 2.7%, but this was not enough to overcome the drop in the OECD.
Supply and demand are but two sides of the same coin – as one rises or falls, so must the other.