Hamish points to Mathew Simmons well researched presentation on the oil prospects amidst increasing demands. Mathew Simmons is is the author of the book Twilight In The Desert talking on the coming saudi oil shock and the desert economy. Key points that Simmons raise include:
- Global oil demand grew by 14 million barrels/day in 10 years.
- Non-OPEC/non-FSU oil supply grew by 3.2 million barrels/day.
- Non-Middle East OPEC oil grew by 0.6 million barrels/day.
- 74% of incremental demand supplied by Middle East.
- Saudi is overproducing its key fields
And concludes by saying that
- Oil is not renewable and will peak.
- Discovering the date is the only open question.
- A rearview mirror is still only diagnostic tool that works.
- We might now be beyond the peak.
- Twilight in the desert
A really interesting and important work on a topic that could affect all of us quite seriously - Do not tkae the oil thing slightly - am hearing the noise about raising oil prices beginning to affect corporates and large sections of societies in several countries already. This presentation highlights the amercian's view on emerging autoobile technolgies where reducing the dependency on foreign oil is identfied as priority No.1
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