Monitoring Peak Oil Number 6
The record production of all liquids was in July of 2006 as I always repeat in these updates. If we only take into account crude and condensate (C&C), the peak production month was May of 2005.
When I wrote my last update, we were in the third quarter, when all liquids demand started to surpass all liquids supply. Now, we are entering the fourth quarter during which the gap between supply and demand is going to get worse. The demand is going to be around 87.6 mbpd (million of barrels per day). This, together with the well known geopolitical concerns (Iran, Turkey, Pakistan, etc) will make the price of oil and its derivatives highly unstable for the next months.