ODAC: World oil supplies to remain tight through 2010

11/22/2004
Unless demand plummets, world oil supplies are nearly certain to remain tight through the rest of this decade, according to a study by the Oil Depletion Analysis Centre in London.The study found that 68 oil-recovery "megaprojects" with announced start-up dates through 2010 would add 12.5 million b/d of crude supply by the turn of the decade. But that is unlikely to be enough to meet the world's growing needs, said ODAC officials."This new production would almost certainly not be sufficient to offset diminishing supplies from existing sources and still meet growing global demand," said Chris Skrebowski, ODAC board member.Most of the estimated new supply would simply replace natural dep...
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