Liquids production since 2005 measured in energy content
Well I posted a reference to a study yesterday but yahoo seems to have deleted it, maybe because I pasted quotes from the article..
We have been discussing in another thread the fact that while oil production has stopped increasing since 2005, there has been growth in other liquids. Currently, global oil production is about 75mb/d while total liquids (including NG liquids, biofuels, etc) is around 90mb/d.
I have pointed out that the other liquids do not have the same energy content as crude oil, so it is misleading to quote them in barrels and add to the count of barrels of crude.
The study I referenced concluded that when you quote the global production of total liquids in units of energy content rather than barrels, the increase in total liquids production from 2005 to today in energy content is about 2.5%. And during the same time, the capital expenditure of oil producers (ie. the cost of that production has doubled).
So, crude oil production has not increased in 7 years. Considering other liquids, global production has increased 2.5% in 7 years, yet the cost of production has doubled. A doubling of expenditure to produce 2.5% more energy. How much more clear can it be that the good stuff has been produced and we now need to chase, expensive, lower quality reserves. In other words, peak oil.
The original study I pasted, said it better but if I quote it yahoo will delete my post.