Tech Talk – Changes in global supply and demand At the beginning of the month I pointed out that there are three components to the coming Energy Mess. The first of these is the steady increase in global demand for oil and its products, the second is the decline in production from existing wells and fields, and the third is the shrinking pool of places from which new oil can be recovered to make up the difference between the first two. Internal demand gnaws away at that available for export, as the situation in Saudi Arabia clearly illustrates: Figure 1. Changing relation between Saudi production, internal demand and thus available exports. ( Energy Export Databrowser ) Internal consumption has now reached 3 mbd – out of a production of around 10 mbd, a trend bound to go higher, as the country’s population continues to grow , having risen from […]