Peak Oil! It's a myth right? Don't be so fast!

▪ Consider this, the top three oil producing companies in the world, according to Forbes are: Saudi Aramco, Gazprom and National Iranian Oil Co. These top three produce 28.6 million barrels per day.

▪ Of the top 25 oil producers on the Forbes list, 40% are located in OPEC countries. Another 20% are in Russia and China. Get the picture? 60% of current oil production is from the Middle East, China, Venezuela, and Russia.

▪ The Forbes top 25 produce about 86 million barrels per day, or 97% of global demand. This means the most of the daily production of oil comes from countries outside of North America. Many of these companies are under Government control and do not report their production or reserves properly.

▪ The International Energy Agency (IEA) states that world production is around 90 million. Its Not! The IEA throws in all liquids such as ethanol, condensates, gas liquids such as butane, ethane and benzene. Oil production still remains roughly constant over the past decade. Want to review Peak Oil again?

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