Tuesday, November 04, 2008

Annual rate of oil output decline is 9.1% says IEA

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"The Financial Times has leaked the results of the International Energy Agency's long-awaited study of the depletion profiles of the world's 400 largest oilfields, indicating that, 'Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent.'

"This is a stunning figure.

"Considering regular crude oil only, this means that 6.825 million barrels a day of new production capacity must come on line each year just to keep up with the aggregate natural decline rate in existing oilfields. That's a new Saudi Arabia every 18 months ..."

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