tidbits on oil

From: Glenn Morton (glenn.morton@btinternet.com)
Date: Sat Jan 19 2002 - 09:49:54 EST

  • Next message: Jack Haas: "Re: tidbits on oil"

    While the current recession, fear of flying and a relatively warm winter
    have drastically dropped the demand for oil, the long term picture still
    does not look great. Opec's reserves as a percentage of world reserves
    continues to climb. Reserves are the amount of producible oil still in the
    ground. Here is the data

    1980 Opec had 60% of world reserves
    1990 Opec had 76% of world reserves
    2001 Opec has 79% of world reserves

    They are growing because the rest of the world is pumping out their reserves
    as is happening in the UK. The Guardian this week wrote:

    “The drop in crude output for the second year running confirms that Britain
    as an oil nation reached its peak in 1999 when it produced 2.8 m barrels a
    day. Output fell to 2.6 m barrels in 2000 and has plunged a precipitous 15%
    to 2.2 m over the last 12 months.” “Buzzard’s boost,” The Guardian Jan 18,
    2002, p. 23

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