Global oil demand is a very hard number to pin down but it is safe to say that demand will exceed supply very soon after post recession demand returns to pre recession levels. With pre recession production somewhere in the 88 million barrel per day (MBPD) range and prices setting new highs every day it is safe to say that demand was very close to that number. OPEC will tell you different but they are counting all grades of oil not just the light crude that is in short supply.

The problems with calculating demand is that there are millions of factors that must be taken into account. It is virtually impossible to consider every factor in every city, village or hamlet on the planet when estimating the numbers. The closest anyone can get is to take a historical average based on the GDP of each country and the demand for that year. This is like a monkey throwing darts in its accuracy. There is almost no chance of it being correct.

As of August 2005 estimated global production was 85.5 mbpd. The IEA said on August 11th that there was less than 100,000 barrels of daily excess production in the world. That is a scary thought. Of course crude oil futures hit an all time high on the same day at just over $66. Since then production has risen to 88 mbpd with demand in hot pursuit. Saudi Arabia claims there is an extra million barrels of supply but the IEA discounts that number to something in the 700,000 range.

Check out the comments on China and India for insight as to where global demand is going.

The facts are simple. Everything we do, that is everyone on the planet, requires oil in some form to aid the process. Whether it is planting a crop, making a tennis shoe, playing golf or going to grandma's house for dinner, it requires some amount of oil. With global populations rising and over three billion people in rapidly growing economies the situation will only get worse.

The 2008 price spike to $147 has faded but it could be only temporary. Eventually when production actually peaks the spike will last forever. We never know but the signs are clear that the end is coming. Peak oil will eventually arrive as inevitably as night follows day. There is no escaping the conclusion. You will either be prepared for the future or a victim of it.

Those who read the OilSlick.com newsletter will have the knowledge to profit from the coming disaster rather than see their families hurt in an ever increasing spiral of inflated oil prices. The choice is yours. Profit from the future or be a victim.

Subscribing to the OilSlick.com Newsletter can help offset that permanent sticker shock by showing you how to invest for the future. Instead of pain when you fill your tank or pay your utility bill you will be rejoicing in the higher prices of energy in any form.

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