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Mexico's Cantarell production down 34% in one year
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ReserveGrowthRulz



Joined: 19 May 2019
Posts: 46
Location: Colorado

PostPosted: Thu May 23, 2019 1:26 am    Post subject: Re: Mexico's Cantarell production down 34% in one year Reply with quote

Vortex wrote:
Quote:
Falling production is curbing exports to the U.S., which buys about 80 percent of the oil Mexico sells abroad.

http://www.bloomberg.com/apps/news?pid=20601207&sid=aQF381AACFAI&refer=energy

No problem ... it only one of the world's key oilfields: the third largest daily producer and the 12th largest in size.

I'm sure the USA can easily replace the 400k barrels a day the decline has cost.


More than a little ironic to bump into this one from the way back machine Vortex. The US replacement tally stands at what nowadays, 6-6.5 million a day to replace Cantarell with? I think we also replaced Venezuela, Libya, the Ghawar drop from 5 million a day to 3.8, and Saudi and Russian production cuts to support price as well.

Vortex wrote:

No worries 'tho ... the high prices will magic some more oil out of the ground ... at least that's what the economists say.


Pretty much. That and drill baby drill!

All irony aside, discounting the ideas of resource economics and ignoring the resources that were waiting in the wings circa 2008 is exactly what ended up shredding peak oil credibility for a generation. The good news being, another couple years and it will about be time for another generation to rinse and repeat the same idea, and those of us who span these generations can watch it unfold all over again. I've got at least 1 more generational jump left in me, although I must admit I might be bored going through it a 3rd time with the younglings.
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kenneal - lagger
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Joined: 20 Sep 2006
Posts: 11029
Location: Newbury, Berkshire

PostPosted: Thu May 23, 2019 2:03 am    Post subject: Reply with quote

The growth of electric vehicle production might do away with another generation of oil production. We can only hope!
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ReserveGrowthRulz



Joined: 19 May 2019
Posts: 46
Location: Colorado

PostPosted: Thu May 23, 2019 4:39 am    Post subject: Reply with quote

kenneal - lagger wrote:
The growth of electric vehicle production might do away with another generation of oil production. We can only hope!


Indeed. I've owned one for 6 years now. Down with liquid fuels!! Save the whales! And maybe the planet!!

The best part? The wife takes it to work every day and gets premo parking because that is where the EV only parking is, and free electricity! Everyone needs an employer like that.
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