TheOilDrum.com: ...some countries will act more aggressively in securing oil supplies, even to the extent of oil resource wars. In mid May 2009, Russia raised the prospect of war to enforce its claims on Arctic oil and gas riches.
SHOOT: Here you have all the background you need for World War III.
World oil production peaked in July 2008 at 74.82 million barrels/day (mbd) and now has fallen to about 71 mbd. It is expected that oil production will decline slowly to about December 2010 as OPEC production increases while non-OPEC production decreases. After 2010 the resulting annual production decline rate increases to 3.4% as OPEC production is unable to offset cumulative non-OPEC declines. The forecast from the IEA WEO 2008 is also shown for comparison.
The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production now to renew the focus on oil conservation and alternative renewable energy sources.
As oil production declines, a possible solution is to secure long term oil supply contracts ahead of the next oil price shock. China has been securing long term oil supplies from Russia, Venezuela and Iran. |
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