Supply, demand, price

Predicting oil and gas supply and demand is always a dicey matter.Forecasts by the US Energy Information Administration (EIA) and International Energy Agency (IEA) peg the future demand for oil, assuming current trends continue, at 100-115 million b/d in 20-25 years, compared with about 83 million b/d today. Natural gas demand is expected to grow even faster, climbing to 156 tcf/year in 2025 from 92 tcf in 2002, according to EIA.Whether the supply of oil and gas will be available to meet that projected demand remains an open question.A growing chorus of experts contend that a peak in global oil production is imminent, followed by a precipitous decline. Some attach that forecast to natural...

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