Oil Price, page-1159

I remember last year that there was a suggestion the Saudi upside infrastructure was under pressure and could not deliver much more. In addition they were trying to draw from high Sulphur content fields / heavier oil. I get the feeling that both Russia and Saudi are pretty close to max out put. African upside also looking to be about as is. the moment it looks to get any better then the Niger Delta avengers and Bedouin bedlam well take over again.

I do not know how many wells are now running dry even after new techniques have been applied to get the last drop out. New discoveries for the last three years average about 8 Billion Barrels pa. Global consumption is 33BB pa. Not enough discoveries in the last three years to match one years upside.