01 December 2010

Crude supplies sufficient to meet decade’s demand

Crude supplies available through OPEC will be sufficient to meet global demand through to the year 2020 according to international energy consultants Purvin & Gertz

“Robust supply increases from non-OPEC producers such as Russia, Kazakhstan, Canada, and Brazil will be mirrored by expected large production capacity increases from Angola, Nigeria, and Iraq,” Purvin & Gertz said. This will result in no appreciable change in OPEC's market share until after 2015. [from Penn Energy]

That growth in supply from Canada would be coming from Newfoundland and Labrador.

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