by Jerome a Paris
Sun May 6th, 2007 at 09:23:46 AM EST
|Production (mboe/d)||ExxonMobil||Shell||BP||Chevron||Total|| ||ConocoPhillips|
|Q1 2006||4.56||3.75||4.04||2.64||2.44|| ||2.09|
|Q1 2007||4.44||3.51||3.91||2.64||2.43|| ||2.01|
So what are market forces doing, exactly? 8 years into a massive increase in oil prices, and the big Western oil majors seem unable to get their production up. For most of them, this is the fifth year of production decline (if you adjust for acquisitions of other companies):
Can we conclude that, whatever the price of oil, the majors are unable to boost their production? Which would bring about the question as to whether this is done on purpose (to get prices up) or despite their best efforts (because there is no accessible oil). The fact that many articles lately have criticized oil producing countries for not opening their reserves to foreign investors suggests that it is the latter to a large extent. Which means that we have effectively lost control of oil supply.
Time to think about our oil demand?