EIA - Non-OPEC Production Down 1.1 MBD By 2010 - Global Energy Use Up 50% By 2030 - Reuters

[hatrack]

WASHINGTON (Reuters) - Crude oil production from non-OPEC countries will not be able to keep up with growing global demand in the next few years, forcing oil consuming nations to rely more on the Organization of Petroleum Exporting Countries for supplies, the U.S. Energy Information Administration said Wednesday. In its long-term energy forecast, the EIA lowered its estimate of non-OPEC oil production in 2010 by 1.1 million barrels per day from last year's forecast to 51.8 million bpd. For the same period, OPEC oil output was cut by just 400,000 bpd to 37.4 million bpd.

OPEC member countries are expected to invest in incremental production capacity so their conventional oil output accounts for about 43 percent of total global production through 2030, the EIA said.

Meanwhile, world oil demand in 2010 will be 1.5 million bpd less than previously thought at 89.2 million bpd. China will account for almost half the lower oil consumption, with the country's oil use cut 600,000 bpd to 8.8 million bpd. The EIA said its forecast for India's oil demand in 2010 was unchanged at 2.7 million bpd. Overall, world energy consumption is forecast to grow by 50 percent by 2030, with demand from developing countries rising by 85 percent compared to a 19 increase in industrialized countries, the EIA said.

EDIT

Saudi Arabia will remain the world's biggest oil producer in 2030, but just barely with expected output of 13.7 million bpd. That's way down from the 16.4 million in Saudi production, the EIA had forecast in last year's report.

:rofl:

EDIT

http://uk.reuters.com/article/oilRpt/idUKN2543467620080625

Ed. - emphasis added above.

[tama]

1. EIA is insane

believing the officially bloated OPEC reserve numbers.

Demand is not going down, consumption is. Shortages, gas lines, you know the works: now North Mexico.
http://www.signonsandiego.com/news/mexico/tijuana/20080619-9999-1m19tjgas.html

And, world energy consumption is not going to grow by 50 percent by 2030. It is more likely to drop that amount.

[pwb]

2. We take their word for it, instead of actually checking the storage tanks.

I think we need proof supply is down. If i flew i would check the storage tanks all over the country. also how many full tankers are just sitting around. Physical checks would make me feel better, not the word of the oil industry and their petroleum institutes.