The Long-run Outlook for Oil Guy Caruso Administrator Energy Information Administration AAPG/SPE International Reserves Conference Washington, DC June 26, 2007
Outline EIAs current outlook to 2030 Thinking beyond 2030 2
Average Annual GDP and Population Growth for Selected Regions, 2004-2030 7.5 GDP 6.5 Population 5.5 Percent per Year 4.5 3.5 2.5 1.5 0.5 -0.5 es a st a na a pe n a il re az di…
World Oil Prices in Three World Oil Price Cases, 100 1980-2030 100 80 Reference Case 2005 Dollars per Barre Low World Oil Price High World Oil Price 59 60 40 36 20 History Projections 0 1980 1990 2000 2010…
World Marketed Energy Use by Fuel Type 300 History Projections 250 34% Liquids 28% Quadrillion Btu 200 38% 24% Coal 150 26% Natural Gas Share of World 100 Total 23% Renewables 8% 50 7% 6% 6% Nuclear 0 1980 1985…
World Liquids Consumption by Region, 2004 and 2030 North America Non-OECD Asia OECD Europe OECD Asia Central and South America Middle East 2004 Non-OECD Europe/Eurasia 2030 Africa 0 5 10 15 20 25 30 35 Million Barrels…
World Liquids Production, 2004-2030 120 118 Total Million Barrels Oil Equivalent per Day 100 80 60 Non-OPEC (Conventional) 54 53 40 OPEC (Conventional) 20 Unconventional 10 0 2000 2005 2010 2015 2020 2025 2030…
Non-OPEC Producing Regions With More than a One Million Barrel Per Day Increase in Total Production Over the Forecast Period, 2005 and 2030 14 2005 Million Barrels Oil Equivalent per Day 12 11.5 10.2 2030 10 9.5 8.2 8 7.3…
OPEC Conventional Liquids Production 40 37.5 35 Million Barrels per Day 30 2005 25 23.5 2030 20 15 9.2 10 5 3.8 4.9 4.0 1.1 0.7 2.2 1.7 0 Asia Middle East North Africa West Africa South America Source: EIA, IEO2007…
Canadian Oil Sands: Production and Costs 4.5 12 Oil Sands Growth Actual 2006 = 1.1 million b/d Forecast Nominal Canadian Dollars per Year (lines) Million barrels per day (area) . 4.0 Base Case: 10 3.5 2020 = 4.0 million…
Projected Corn Ethanol Production is a function of market forces 30 Percent of Corn 14 used for ethanol 12 Billion Gallons 10 8 Oil prices begin 6 increase 4 2 0 3 9 3 7 5 9 7 5 1 1…
What we are finding so far 1. Non-OPEC conventional production is approaching a plateau, but no rapid decline 2. Need for unconventional oil grows quickly if OPEC restrains production 3. Recovery factors are important 4. Above…
Periodic Reports Petroleum Status and Natural Gas Storage Reports, weekly Short-Term Energy Outlook, monthly Annual Energy Outlook 2007, February 2007 International Energy Outlook 2007, May 2007 Examples of Special Analyses Economic…