Quote Originally Posted by Dayuhan View Post
US consumption has also declined recently; whether that will last in a recovery remains to be seen. What interested me was the projection of higher output from N America and from OPEC, which directly contradicts the widespread assumption that what once has "peaked" must thereafter go into continuous decline.

Of course I haven't read the report (and won't, if I have to pay for it), so I can't comment on the underlying assumptions.

Here one relevant discussion:

http://www.econbrowser.com/archives/....html#comments

There is no real increase, small plus in NAmerica and Opec is compensated by losses of other producers.

For me the question is, can we substitute and save for a longer span of time at the same rate as the available volume of crude, i.e. global production minus demand of China and India, decreases, this was 3% p.a. since 2005.