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06/17/2011

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Tony Weddle

Off topic and I don't know when your next oil report is but I wonder if you'd considered the data in the BP Statistical Review of World Energy 2011? There has been some discussion on TheOilDrum (in a recent Drum Beat) because of an article in The Rig Zone that highlighted the oil data in the review shows that the norm for the last 20-30 years has been an excess of oil consumption over oil production. I looked at the data spreadsheet for the review and the Rig Zone article looks correct. There seems to be no mixing of data in the spreadsheet (e.g. biofuels is actually recorded in a separate sheet). The discussion on TheOilDrum didn't really reach a conclusion or offer a solid explanation.

The data could be just bunkum (which it is, to an extent) or everyone is missing something. I don't think it would be possible for that deficit to be hidden for 30 years, even though it may balance the surplus up to then, since stocks would be pretty much depleted by now.

Does anyone have any ideas?

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