Comment 5656

By Saildog (anonymous) | Posted February 27, 2007 at 07:35:07

Only time will tell if production will increase. Bad news seems to encroach on production increases: Canterell crashing faster than thought, rumours about Ghawar, The North Sea, Iraq, Iran, Khazakstan (spelling?) delayed, the list is endless and production static.

The oil age has already ended for many of the poorer people in the world as they drop out of the price contest. More and more people will drop out and production will drift sideways at first and then imperceptably down. Even then CERA will be in denial ansd life will go on much as normal in the richer countries.

It is only when the US, EU, China and India are bidding against each other that things will get tough for the rich world. By then it will be way too late..

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