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Oil Price

Back to the 2004 future, but with double the oil price

The Energy Information Administration has now released the crude oil data for December 2009. That allows us to do an annual graph to watch the race for the peak (in terms of annual production).

world_crude_2001_2009

Data are often revised backward for several years but at present it seems 2005 was still the peak year at 73,719 million barrels per day, but just, closely followed by 2008 with 73,690 mb/d.  Both 2005 and 2008 were turbulent years. In 2005 we had Katrina

Did Katrina hide the real peak in world oil production?

http://local.theoildrum.com/node/3052

and in 2008 the collapse of Lehman Brothers. We can detect here the evolving convergence of 3 whammies: peaking of oil production, the accumulated financial debt and the response of nature to our CO2 debt in the atmosphere.

fig_1d_2009_12

In 2009, crude production was a little bit lower than 2004. But the December 2009 production was already 150 Kb/d higher than in December 2004. So here we go again, but the starting  oil price is now double of what it was in 2004.

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