Glenn,
Do you have any comment on the economic effect on the UK of the continuing
decrease in oil production that you report?
Jack Haas
-------Original Message-------
From: Glenn Morton
Date: Saturday, January 19, 2002 06:54:27
To: Asa@Calvin. Edu
Subject: tidbits on oil
While the current recession, fear of flying and a relatively warm winter
have drastically dropped the demand for oil, the long term picture still
does not look great. Opec's reserves as a percentage of world reserves
continues to climb. Reserves are the amount of producible oil still in the
ground. Here is the data
1980 Opec had 60% of world reserves
1990 Opec had 76% of world reserves
2001 Opec has 79% of world reserves
They are growing because the rest of the world is pumping out their reserves
as is happening in the UK. The Guardian this week wrote:
“The drop in crude output for the second year running confirms that Britain
as an oil nation reached its peak in 1999 when it produced 2.8 m barrels a
day. Output fell to 2.6 m barrels in 2000 and has plunged a precipitous 15%
to 2.2 m over the last 12 months.” “Buzzard’s boost,” The Guardian Jan 18,
2002, p. 23
.
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