23 Sep '12, 4pm

Global oil exports in decline since 2006: What will importing nations do?

As Brown began to think about the export issue back in 2006, he made two observations which seem obvious once you hear them: First, if the economy of an oil-exporting country grows, that country typically will use more oil to support that growth. Second, once total production peaks and starts to decline in an oil-exporting country, exports almost always decline much faster than total production. This is because exports are typically being squeezed from two sides. Production is falling making less oil available for exports, and consumption is rising with the same effect. (Declining net exports can also occur if domestic consumption is rising faster than production which is what happened in the United States, causing the country to become a net importer for the first time way back in 1948.)

Full article: http://www.energybulletin.net/stories/2012-09-23/global-o...

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