Register for Free
Post comments, receive updates via email, gain access to exclusive content, and more.
Spam Safe!
Iraq is a game changer
This is the first couple paragraphs in an article in the Wall Street Journal:
The revival in Iraqi oil production will be a "game-changer" for global oil supplies and a challenge for other big oil producers like Saudi Arabia, the International Energy Agency said Tuesday
Fatih Birol, the IEA's chief economist, said in an interview that 20 years from now, Iraq could be pumping two to three times more than the 2.5 million barrels a day it currently produces—"comforting" oil markets worried about shrinking supplies, and possibly buffering against price spikes.
If my understanding of the numbers for Peak Oil are correct the 8 m b/d in 20 years will hardly make a difference. It seems that most of the experts are saying we have already peaked or at least by 2015 at which point we could start loosing net productive capacity of 4m b/d/year.
I have read as much as I could on the subject, but I'm not an engineer, but a businessman with an economics background. Anyone care to comment on Birol's comments, and the WSJ believing this makes a difference? To be fair they do put in some opposing views but seem to support the idea that In 20 years Iraq could make a substantial difference if not sooner.
Print