per day, last yr and this yr, have seen the biggest demand in oil in the last 30 years. The world economies are rising and oil demand is picking up hugely. there is bound to be lots of inflation and eastern countries are going to be sucking oil bigtime next few years.
IEA says that about 70% of conventional oil production needed by end of 10 years is ** yet to be developed or discovered **.In the last 10 years, 50% or more of all new oil/gas reserves discoverd world-wide have been off-shore. case in point the big oil field offshore off Brazil coast where PBR is a major player.offshore oil is going to be very very important to the world the next 10 years because it will be supplying about 35% of worlds needs by late 2020s. we need to invest in drilling and esp. off shore drilling NOW. infact, we should have doing this YESTERDAY.thats the main take-away on this.