PF&C: Has the Oil Price Collapse Sealed the Coffin of Oil’s Peaking?
The data showing country by country crude oil produced continues to argue that Global Crude Oil set all time record output in 2005 and only possibly got back this high when OPEC said they ramped up oil output in mid 2008.
Now the oil price collapse is slowing most important supply additions and dropping rigs at work which will have a devastating impact on supply over next 18 to 24 months. So this probably seals the fate of the Peak Oil Argument that it is now past tense. The World has peaked in crude oil output.
Now the oil price collapse is slowing most important supply additions and dropping rigs at work which will have a devastating impact on supply over next 18 to 24 months. So this probably seals the fate of the Peak Oil Argument that it is now past tense. The World has peaked in crude oil output.
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