oil baron

Oil at $140/Barrel: Justified or a Bubble?

Logical
I do believe the poster meant 3mmbopd a day not a year.
In any event by the year 2020 the world will consume 120mmbopd with production much less irregardless of the Petrobas and Chevron discoveries. Matt Simmons, a brilliant oil analyst for nearly 30 years, states that the Saudi's are already stretched productionwise and cannot produce 1 more barrel of oil.
We either will find an alternative to back out some of the world's oil consumption or by 2025 armed conflicts will rearrange the ownership of the dwindling oil reserves.