The five years prior to 2002 were a
period of flat oil production constrained by demand, limited by the
Asian crisis and stock market falls. Since then, until 2008, oil
production rose rapidly, barely managing to keep pace with demand.
The recession-led declines in demand in 2008 and 2009,
created a period of
surplus capacity, which for new oil was mostly derived from deep water production from West
Africa and the Gulf of Mexico. This new non-OPEC capacity moderated price growth
forcing OPEC to restrict output. However total oil supply
capacity is still expected to plateau around 2015. Very soon
after that actual supply will begin to register permanent year-on-year declines.
Meanwhile gas production, which has been rising
steadily, will see accelerating output growth as more gas is required
to replace higher-priced and more environmentally damaging oil (and
coal) wherever it can.
We have subdivided the world into eleven groups - each of which hold a varied number of independent or
overlapping regions, regional groupings and hydrocarbon sources - and
Detailed data files outlining the onshore and offshore
historic and forecast oil and gas production, consumption and drilling
activity of any (or
all) of these areas and countries can be provided.