Reuters: Global energy usage to jump 54% by 2025. Expected oil need to jump from ~81 m barrels a day to 121 m barrels. My question: where are we going to get that oil given the sharp drop in production from the aging super giant fields?
One answer: OPEC is expected to be the major supplier of the extra oil, with the cartel's production at 56 million bpd in 2025 compared to 27 million bpd this year.
Does anyone else see a big problem with this? I don't see any signs that OPEC can expand production to meet this demand. Further, political instability is growing in the OPEC countries. [John Robb's Weblog]