The World 'cannot meet oil demand'

Interesting story in the Times today...

THE world lacks the means to produce enough oil to meet rising projections of demand for fuel over the next decade, according to Christophe de Margerie, head of exploration for Total and heir presumptive to the leadership of the French energy multinational.

The world is mistakenly focusing on oil reserves when the problem is capacity to produce oil, M de Margerie said in an interview with The Times. Forecasters, such as the International Energy Agency (IEA), have failed to consider the speed at which new resources can be brought into production, he believes.

“Numbers like 120 million barrels per day will never be reached, never,” he said.

Peak Oilers like myself have been saying this for some time, but whenever someone in the industry says it, it makes you say "whoa." You can read the whole story here:http://tinyurl.com/romq9

Check out my new gold and energy blog at MoneyAndMarkets.com