SPE: BP's Davies has bullish view on future oil supplies

Pessimistic views abound about future conventional oil supplies, but much of the current pessimism stems from weak demand signals, not from a lack of resources or an imminent peak in global production of conventional oil.Peter Davies, vice-president and chief economist for BP PLC, offered that perspective on the peak-oil controversy Oct. 6 at the Society of Petroleum Engineers' annual meeting and exhibition in Denver.While the concept of weak demand diminishing supply might sound counterintuitive at first glance, the BP executive explained that weak demand results in a global production curve that suggests that conventional oil production is nearing a peak. In reality, conventional oi...

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