Global trends study foresees no short-term liquids output shortfall

Global users have consumed 45% of the oil and 30% of the gas discovered by the end of 2003, said IHS Energy, Epsom, UK, in releasing highlights of its 2004 report on world petroleum trends.The world averaged 75.5 million b/d of liquids production, a new peak, in 2003, IHS estimated. That includes oil, condensate, natural gas liquids, oil sands, and Orimulsion production but excludes refinery processing gains. World gas production exceeded 100 tcf in 2003 for the first time.A number of major production projects are still due to come onstream, suggesting no obvious shortfalls in oil production between now and 2008, said Ron Mobed, IHS president and chief operating officer."In terms of long-...

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