"owl" wrote in message
...
Yes, the rate of discovery is down. So what?

Existing production barely meets current demand. As production continues
to fall, and demand continues to rise, the permanent oil crisis will begin
anew.

"The study found that all of the major new oil-recovery projects scheduled
to come on stream over the next six years are unlikely to boost supplies
enough to meet the world's growing needs."

"owl" wrote in message
...
No, production has not peaked. Even guys predicting a coming crisis
fess up to production increasing this decade:

"The study found that all of the major new oil-recovery projects scheduled
to come on stream over the next six years are unlikely to boost supplies
enough to meet the world's growing needs."


"owl" wrote in message
...
ODAC analysed a total of 68 'mega projects' with publicly announced
start-up dates from 2004 through 2010. In total, these projects would
add around 12.5 million barrels a day to world oil supplies by the
turn of the decade.

+12.5mbd ... anything unclear about that?

The article continues....

"This new production would almost certainly not be sufficient to offset
diminishing supplies from existing sources and still meet growing global
demand," ODAC Board member Chris Skrebowski said."

And this presumes that the total amount produced is equal to the total
anticipated. The recent average has been that total production is less than
50% of the stated capacity.


+12.5mbd on top of an even more rapid loss of production that equates to
negative total change in production.


"owl" wrote in message
...
6.25mbd increase ... anything unclear about that?

Lots. But foremost is the fact that oil production is typically half of
the expected production rate for new oil, for a variety of reasons.

Oil production has already peaked.