Industry ponders if oil production can rise to meet demand

World production of oil and other petroleum liquids is growing by 1 million b/d per year and will reach 3 million b/d per year by 2004-05, providing ample fuel for the short term, Cambridge Energy Research Associates officials said at the energy conference in Houston earlier this month.But with world demand growing 2%/year for oil and more than 3%/year for natural gas, some industry leaders attending the conference questioned whether they can meet projected markets in the range of 140 million boe/d by 2010.Global production capacity for petroleum liquids is expected to grow to 92 million b/d in 2005 from 79 million b/d at present, even allowing for the steep increase in depletion rates in...

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