{"id":1070,"date":"2014-11-03T20:16:55","date_gmt":"2014-11-04T01:16:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1070"},"modified":"2014-11-03T20:16:55","modified_gmt":"2014-11-04T01:16:55","slug":"global-oil-and-other-liquid-fuels-production-update","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1070","title":{"rendered":"Global Oil and Other Liquid Fuels Production Update"},"content":{"rendered":"

Global Oil and Other Liquid Fuels Production Update<\/a>.<\/p>\n

\u2022\u00a0\u00a0 \u00a0Global\u00a0conventional<\/em>\u00a0crude oil + condensate production (C+C) attained a value of 73 million barrels per day (Mbpd) in May 2005. Since then conventional C+C has been bumping along a jagged plateau with the all-time high of 73.3 reached in July 2008, immediately prior to the Chinese Olympic Games and the financial crash. It seems possible that the peak in global conventional oil production is behind us (Figure 1).<\/p>\n

\u2022\u00a0\u00a0 \u00a0All of the growth in global liquid fuels has come from non-conventional sources, shale oil and tar sands, that currently are only produced in N America, and from \u201cother liquids\u201d such as biofuel and natural gas liquids. These liquids are inferior to conventional crude oil in a number of ways such as 1) requiring the use of more energy in their production, 2)\u00a0 being less energy dense and 3) not usable as liquid transport fuel.<\/p>\n

\"Global<\/p>\n

Figure 1<\/strong>\u00a0Conventional crude oil + condensate production has been on an undulating plateau just over 73 million barrels per day (Mbpd) since May 2005, that is for almost 10 years and despite record high oil prices! As the remainder of this post will show all of the growth in global liquid fuel supply has come from unconventional and low grade sources of supply. The periodic dips in C+C production reflect OPEC production cuts designed to support the oil price. The fact that OPEC has not cut production when faced with current price weakness has resulted in the recent oil price decline. Note that chart is not zero scaled in order to amplify details.<\/em><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Global Oil and Other Liquid Fuels Production Update. \u2022\u00a0\u00a0 \u00a0Global\u00a0conventional\u00a0crude oil + condensate production (C+C) attained a value of 73 million barrels per day (Mbpd) in May 2005. Since then conventional C+C has been bumping along a jagged plateau with the all-time high of 73.3 reached in July 2008, immediately prior to the Chinese Olympic […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[164,576,588,595],"class_list":["post-1070","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-conventional-oil","tag-nonconventional-oil","tag-oil","tag-oil-production"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1070"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1070\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}