The following (paraphrased and summarized) is taken from today’s report from Oilwatch Monthly.  Information will next be updated July 15.  ‘Non-OPEC countries produce 60% of world oil production, but the output of those countries is going to ‘fall off its plateau’ in 2010.  More importantly, there currently is an overall decline in investment in oil projects in non-OPEC countries resulting from both suspension and postponement of planned projects.  The results of these things will be large as OPEC gains increasing control and influence over the world’s economy resulting from OPEC, within ‘a couple of years’ being the only group left that can increase oil exports’.  If the commentary in the referenced report is accurate (and I have not independently checked it) it seems to me the implications for the Canadian Oil Sands and natural gas (among other energy sources) may be significant.  The referenced report is replete with charts and data, and I recommend that all readers sign up to this free newsletter and read the report in its entirety.

‘Oilwatch Monthly’ is a free newsletter containing the latest data on oil supply, demand, oil stocks, spare capacity and exports.  I find its narrative and charts particularly well laid out and easy to read.  Readers can view today’s newsletter by clicking here and subscribing to it.  The website is in the Dutch language, the newsletter is in English.  In order to subscribe fill out the name and e-mail address boxes, select ‘Oilwatch Monthly’ from the dropdown, and click the  ‘Schrijf je in’ box.

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