Future of Petroleum Production
Consumption in the twentieth and twenty-first centuries has been abundantly pushed by automobile growth; the 1985–2003 oil glut even fueled the sales of low economy vehicles in OECD countries. In 2008, the economic crisis seems to have some impact on the sales of such vehicles; still, the 2008 oil consumption shows a small increase. The BRIC countries might also kick in, as China briefly was the first automobile market in December 2009. The immediate outlook still hints upwards. In the long term, uncertainties linger; the OPEC believes that the OECD countries will push low consumption policies at some point in the future; when that happens, it will definitely curb oil sales, and both OPEC and EIA kept lowering their 2020 consumption estimates during the past 5 years. Oil products are more and more in competition with alternative sources, mainly coal and natural gas, both cheaper sources.
Production will also face an increasingly complex situation; while OPEC countries still have large reserves at low production prices, newly found reservoirs often lead to higher prices; offshore giants such as Tupi, Guara and Tiber demand high investments and ever-increasing technological abilities. Subsalt reservoirs such as Tupi were unknown in the twentieth century, mainly because the industry was unable to probe them. Enhanced Oil Recovery (EOR) techniques (example: DaQing, China ) will continue to play a major role in increasing the world's recoverable oil.
Read more about this topic: Petroleum
Famous quotes containing the words future of, future and/or production:
“We simply must have faith in each other, faith in our ability to govern ourselves, and faith in the future of this Nation. Restoring that faith and that confidence to America is now the most important task we face.”
—Jimmy Carter (James Earl Carter, Jr.)
“Captain Hank Quinlan: Cmon, read my future for me.
Tanya: You havent got any.
Captain Hank Quinlan: Hmmm. Whadya mean?
Tanya: Your future is all used up.”
—Orson Welles (19151985)
“The production of too many useful things results in too many useless people.”
—Karl Marx (18181883)