Great prospect for production of crude oilIran, for instance, is a great prospect for production of crude oil. Unfortunately, the future is at stake considering that this country is known for its terrorism or policies relative to petroleum issues are not that strong. Investing in this country had created doubts and became questionable although they can produce more than what being is expected to produce.
It had been debated for several years whether or not oil supply is running out. It remains to be accurately answered but almost everyone believed that there is a great supply of it. Worldwide, the oil consumed rates to about 84 million barrels a day. How can this possibly be met if oil producers are not well equipped to the modern times of extracting oil? The demand goes higher and higher and so is their production. It is fortunate when they could meet up to their demands because that would mean a positive economic growth. If it’s the other way around, then they are in for a disaster. In fact, this was already brought about a Shell Oil geophysicist, a very long time ago, saying that a bell curve describes the rates for crude oil production and that the decline will happen after half of the oil was dug on the surfaces and all these had been exhausted. He was ignored nevertheless.
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