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TheOilDrum.com Responds to Wall Street Journal Peak Oil Article

On November 19, the Wall Street Journal published an article titled "Oil Officials See Limit Looming on Production." In our view, the WSJ article omits several key points regarding future oil production, including the fact that world oil production has stagnated in the last two years, despite rising prices. Our response to the WSJ article can be found here: WSJ Article Response (http://www.theoildrum.com/files/plateau_price_nov07.png)

On this graph we show oil production in million barrels per day, based on information of the two major agencies providing this data, plus the spot price for West Texas Intermediate oil. The oil data is shown both on an individual monthly basis, and on a 13-month average basis. Oil production data is shown for the International Energy Agency (IEA) in burgundy and the US Energy Information Administration (EIA) in green. Data to reproduce this graph is available at this link:

Oil Plateau Data (http://www.worldoil.com/magazine/MAGAZINE_DETAIL.aspART_ID=3266&MONTH_YEAR=Aug-2007)

Analysis of CERA Forecasts (http://www.theoildrum.com/) website.

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