The most interesting message in this year’s World Energy Outlook from the International Energy Agency is also its most disturbing.
Over the past decade, the oil and gas industry’s upstream investments have registered an astronomical increase, but these ever higher levels of capital expenditure have yielded ever smaller increases in the global oil supply. Even these have only been made possible by record high oil prices. This should be a reality check for those now hyping a new age of global oil abundance.
According to the 2013 WEO, the total world oil supply in 2012 was 87.1m barrels a day, an increase of 11.9m b/d over the 75.2m b/d produced in 2000.
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