''Missing Barrels'' Reveal Bad Data, Says Matthew Simmons in World Energy Monthly Review.HOUSTON -- From 2004 through 2005, the world produced almost 650 million barrels more oil than demand consumed, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the accepted International Energy Agency model. But where are these barrels of oil? "Little of this glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. has shown up in observed petroleum stocks," writes Mr. Simmons, author of Twilight twilight, period between sunset and total darkness or between total darkness and sunrise. Total darkness does not occur immediately when the sun sinks below the horizon because light from the sun that strikes the atmosphere is scattered (both by the air itself and by in the Desert: The Coming Saudi Oil Shock and the World Economy, in the January issue of World Energy Monthly Review. "In fact, as demand for oil continues to grow, daily usage rates indicate many key stock points are at historic lows." Faulty measurement models, "despite a great deal of rhetoric about better transparency," are to blame for inaccurate estimates of global supply, he asserts, leading to the perceived supply gluts. "Supply forecasts are still speculative; they are either guessing or ignoring the steadily increasing declines from almost all significant production regions around the world." Not only is the supply side lacking helpful data, Mr. Simmons writes, but "the world has no system to record the physical use of almost all oil products and also lacks accurate reports of crude-oil refinery runs." Current inventory is likewise uncertain, according to Mr. Simmons. "Only the stocks of the OECD OECD: see Organization for Economic Cooperation and Development. member countries are ever reported, and many of the reporting countries lack the detailed (if itself faulty) system employed in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." "The whole reporting system for the global oil supply is badly in need of an overhaul," Mr. Simmons concludes, adding that we are facing the "dangerous ... prospect of suddenly running into shortages while supply-and-demand models report massive gluts." Other features in this issue include Dr. Craig Pirrong commenting on the idiosyncrasies of energy trading and a close look at the producing regions of Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and India. Brian Tully Brian Tully is a character in the ITV soap Coronation Street. Brian thought that Sean Tully was his son, but when he found Sean was, out he ran off, in 2006 Sean began visiting his father until he learned the truth. talks about automakers entering the power business, and Thomas Kornegay from the Port of Houston The Port of Houston is the port of Houston, Texas, the fourth-largest city in the United States. The Port is a 25-mile-long complex of diversified public and private facilities located a few hours' sailing time from the Gulf of Mexico. Authority examines the security issues faced during hurricane evacuations. World Energy Monthly Review offers a no-holds-barred perspective, timely information and in-depth analysis on energy issues. To read these essays, please visit www.WorldEnergySource.com/WEMR. World Energy Monthly Review joins World Energy Magazine, Television, Educational Programs and the World Energy Source in providing unparalleled news and editorials. Learn more about World Energy products at www.WorldEnergySource.com. |
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