August 2005

Trends and Resources

HP Impact: HPImpact: Oil supply to outpace demand by 2007, says new CERA report

Despite current fears that oil will soon "run out," global oil production capacity is actually set to increase dramatically over the rest of this decade, according to a new report by Cambridge Energy ..

Weirauch, Wendy, Hydrocarbon Processing Staff

Despite current fears that oil will soon "run out," global oil production capacity is actually set to increase dramatically over the rest of this decade, according to a new report by Cambridge Energy Research Associates (CERA). As a result, supply could exceed demand by as much as 6 to 7.5 million barrels/day (MMbpd) later in the decade. CERA's report (www.cera.com) indicates that worldwide capacity could rise by as much as 16 MMbpd between 2004 and 2010 – a 20% increase over the period. This significant expansion in liquids productive capacity will meet volatile and expanding demand later this decade and beyond. "We expect supply to outpace demand growth in the next few

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