The Crash Course by Martenson Chris

Author:Martenson, Chris [Martenson, Chris]
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-02-14T07:00:00+00:00

Figure 16.8 indicates that even a historically modest 4 percent rate of global growth would require an advance from the 84.4 mbd (million barrels per day) in 2009 to 89.1 mbd by 2014, nearly 5 mbd in new, incremental capacity, or about 1 mbd each year. This is equivalent to roughly one-half of the entire output of Saudi Arabia.

Figure 16.8 Global Oil Supply/Demand Scenarios

Based on various levels of GDP growth.

Attempting the ludicrous, a 10 percent growth rate seen in the column to the far right (mirroring that seen between 2003 and 2007) would require that global oil production be expanded by 12 million barrels a day, or nearly one-and-a-half times Saudi Arabia’s 2009 output, over those five years.

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