Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Oil sets new global production record in Q1

click to enlarge ... more peak oil charts at our website

The pace of flow rates to May 12th indicates a new global Annual Supply record of 85.8-mbd is being set in 2010.

A new global Quarterly Supply record of 85.9-mbd was set in 2010Q1 July 2008 continues its distinction for the all time global Monthly Supply record:  86.7-mbd, 0.7-mbd above today's monthly pace of 86.0-mbd.  Projection of year-to-date flows reveals a new monthly record will be set in February 2011.

The Quarterly record for Demand of 86.9-mbd was set in 2007Q4 (with difference of 1.7-mbd drawn from inventories).  The High Demand Month is February 2008's 87.7-mbd.

TrendLines Research's global All Liquids Underlying Decline Rates Observed:  2010 - 2.8%;  1970-2009 Avg - 2.7%

 

Note:  IEA 2009 annual stats are overstated by 0.6-mbd due to IEA's failure to deduct energy inputs for processing BTL & Bitumen.  Thus, only EIA A/Q/M stats are recognized as Records.




Disclosure: no positions