Unconventional Oil To Play Increasing Important Role

Conventional oil supplies peaked at about 70 million barrels a day in 2006 according to the IEA, and will hold steady until 2035. However demand, primarily from China, will require an increase of 20% in oil to be filled by 'unconventional' supplies.

November 16, 2010, 6am PST | Irvin Dawid

Sure to be used as validation of 'peak oil' by some, the report also shows the importance of unconventional oil supplies, such as "Canada's tar sands and natural gas liquids".

"According to "the International Energy Agency, the Paris-based organization that provides energy analysis to 28 industrialized nations... the production of conventional crude oil...probably topped out for good in 2006, at about 70 million barrels a day."

A graph shows that crude oil "yet to be found or developed" will continue to keep the conventional supply at 70 million barrels until 2036.

"The 2010 edition of the World Energy Outlook was released on 9 November" and shows what governments must do to tackle world energy insecurity and climate change.

[Contributor's note: The article fails to distinguish China's oil consumption from its energy consumption, "which the report estimates is now the world's largest energy user" In 2007, the U.S consumed 20.68 million barrels daily; China: 7.6 million; total world consumption: 85 mb]

Thanks to Mark Boshnack

Full Story:

Is ‘Peak Oil’ Behind Us?

Published on Monday, November 15, 2010 in The New York Times - Environment - Green blog