05.02.2009 - Has non-OPEC oil production peaked?
From Bi-me.com: A research paper out today from Merrill Lynch says the combination of low oil prices and a global credit crunch will prove rather damaging for the oil industry. Its analysis based on the IEA Field by Field Production database finds decline rates at an average of 4.2% per annum since 2003. Extrapolating from this sample to create a global production profile, the bank believes the global decline rate has averaged at least 4.5% year on year in recent years..... Full Article: Source
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