Worldwide supply of oil has been able to keep up with demand, so far. Global production has increased from 64 million barrels per day in 1980 to more than 84 million barrels per day in 2006. Yet the data suggest that, even with advancements in drilling and completion technology, it may become more difficult for supply to keep pace with accelerating demand in the future. American oil production has declined 22% from 1980 to 2006. The EIA says Saudi Arabia, the world’s largest producer and home to the world’s biggest oil reserves, produced 10.6 million barrels per day in 2006, little changed from 1980 production of 10.3 million barrels. The … Continue reading Ken Farsalas