Nick Abe

2009 Oil Estimates

The data is not mine, it is the EIAs.
www.eia.doe.gov/emeu/i...

More than likely they average out the periods, and when oil was $147 a lot of extra supply was found that may not show up in these numbers. Also these are DAILY numbers. So using D=85.27 and S=85.64, then you are adding 370,000 barrels per day to supply. That was in Q2. We're now almost done Q4. So adding 1/3 of a million barrels per day for just under 300 days = just under 100mm barrels. That's assuming demand didn't drop from Q2.