I\’m really rather hoping that the actual paper doesn\’t say anything quite as stupid as is being reported:
Their new research argues that estimates of conventional reserves should be downgraded from 1,150bn to 1,350bn barrels to between 850bn and 900bn barrels and claims that demand may outstrip supply as early as 2014.
Demand outstripping supply? What?
\”We\’re not operating under that basis. This is objective analysis. We\’re not sitting on any oil fields. It\’s critically important that reserves have been overstated, and if you take this into account, we\’re talking supply not meeting demand in 2014-2015.\”
In a market there is no such thing as demand outstripping supply. There is only a mismatch between supply and demand \”at a price\”. So I do hope that the report itself doesn\’t contain such silliness.
The abstract isn\’t all that much better:
While there is certainly vast amounts of fossil fuel resources left in the ground, the volume of oil that can be commercially exploited at prices the global economy has become accustomed to is limited and will soon decline. The result is that oil may soon shift from a demand-led market to a supply constrained market.
So, anyone got access to that actual paper so that I can have a shufti?
Update: Wow, that was quick. Good, I now have the article, thank you much to JJ.