IEA/Fatih Birol - Non-OPEC Production Peak Within Next Two Years - Times

[hatrack]

Oil production in non-Opec countries is set to peak within the next two years, leaving the world increasingly dependent on supplies from the cartel of exporting nations, according to one of the world's leading energy experts.

Fatih Birol, chief economist of the International Energy Agency (IEA), said that falling production from key regions such as the North Sea and the Gulf of Mexico would leave international oil companies such as Shell and BP increasingly sidelined at the expense of national oil companies, such as Saudi Aramco.

The North Sea is one of the fastest-declining energy-rich regions in the world, with output falling by an average of 7.5 per cent a year since 2002.

“The days of the international oil companies are coming to a glorious end because their reserves are declining and they will have difficulty accessing new reserves,” Dr Birol told The Times. “In future we expect most of the new oil to come from a very small number of national oil companies.”

EDIT

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4368523.ece

[Indenturedebtor]

1. Yet another reason why we invaded Iraq. Like they didn't see this coming n/t

[robertpaulsen]

2. Filling up the tank is going to be a whole lot tougher.

Among other things. This ties in with Dave Cohen's recent pronouncement:

Peak oil is a done deal
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x162513