Thursday, 25 March 2010

Petrobras - Global Oil Peak (incl. biofuels) 2010

Ah, those magnificent Brazilian sub-salt oil finds that heralded the end of peak oil. Never mind the fact that they would at best postpone the global oil peak roughly 90 days or so.

Well, now the Brazilian oil company Petrobras' CEO, Lucio Pementel, is throwing more fuel to the fire by saying the world oil production will peak this year (via TheOilDrum).

Due to reduced demand from the Great Financial Crisis v1.0 (v. 2.0 coming soon to an economy near you), the supply-demand crunch should not hit us until 2013 or 2014 in their projects.

So again, that pesky 4 years of extra breathing room is there. At best. If we are lucky.

... because two economists have calculated that the demand has not peaked and that demand projections by the big three (i.e. IEA, EIA and OPEC) are underestimated by roughly a third.