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Tuesday, July 31, 2007 CE

Monitoring Peak Oil Number 4

Oil Production June 2007: 84.28 millions of barrels per day

Are we seeing a pattern here? The month with highest production for all liquids is still July of 2007. As I said in my previous post regarding the oil production, the demand for oil will be significantly higher than the supply, and according to the IEA, the trend will continue in 2008. This will likely reflect in increased oil prices in the following months, taking into account the well known seasonal variations.
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