The Oil Sector has Been Pushed to the Limit of its Capabilities

The Oil Sector has Been Pushed to the Limit of its Capabilities

by tol@oilprice.com (The Oil Drum)

Leonardo Maugeri’s recent paper Oil: The Next Revolution on the presumed future abundance of oil supplies rejects the pessimistic outlook of limited increases in oil capacity over the next decade. It suggests global oil capacity will exceed 110 million barrels per day by the end of the decade, putting an immediate end to concerns regarding constrained long-term oil supplies. This conclusion is based on an assessment of new projects with a reported capacity of 49 million b/d before a downward adjustment to 29 million b/d to allow for completion…Read more...http://oilprice.com/Energy/Crude-Oil/The-Oil-Sector-has-Been-Pushed-to-the-Limit-of-its-Capabilities.html