The IEA has just published its World Oil Outlook.
It presents an amazingly optimistic perspective. The charts show continued growth in production and continuing increase in price.
So the chart I present here shows how much oil will cost the world each day, based on the IEA's own charts of production and price - assuming the current policies scenario is follows, and why not.
The curve shows the cost of oil to the world each day. The red line marks 2012.
So oil is not expected to cost the world less for quite a while. Remember the cost of oil in 2008 was largely responsible for the global economic crash. Today (2012) we are struggling, and its going to cost us more for many years to come.
Posted by Nigel W. at 03:56