Hurdles ahead for growth in non-OPEC liquids output

11/08/2004
During the last 40 years, the world has experienced almost uninterrupted crude oil demand and production growth. With a few exceptions, large discoveries from 1960 to 1980, as well as sizable reserves surpluses, allowed for sustained crude market equilibrium, to which much of the world grew accustomed. However, as demand has grown and as exploration has matured in the majority of the world's basins, production levels have begun to exceed additions of new reserves by 12-15 billion bbl/year. For each of the last 20 years, the world has been producing and consuming twice as much oil as it has been finding. To assess the long-term consequences of this trend, PFC Energy conducted a detaile...
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