Sunday, December 02, 2007 CE
World Total Liquids Production -October 2007: 86.43 millions of barrels per day (mbpd).
This is the record production so far. The only way we can say we are not at peak is if we see a continuous production increase in the following months and years. It is important to realize that the most important issue is the supply and demand relationship. If demands keeps rising faster than supply it would not matter if we are at peak or not, the prices of oil will continue to rise.
The other issue that I want to bring to the attention of my readers is that the crude and condensate (C&C) production peak occured in May 2005 and there are no signs that the record will be broken. So, what is the difference between C&C and total liquids? Total liquids include the following: Natural gas plant liquids (NGPL), ethanol, biomass to liquids (BTL), coal to liquids (CTL), gas to liquids (GTL) and processing gains. The increase in the non C&C liquid production has avoided a total peak so far.
Still the relationship between supply and demand does not look good for the 4th quarter of 2007 and the 1st quarter of 2008.