21 May '11, 9am

What is next in economic policy rethinking?

The production rate fell very steeply in 2009 and 2010 once past its year 2008 peak and set to decline further this year. Production rate for 2010-11 is forecast to be 2.8 million barrels compared to over 14 million barrels in 2008 due to natural decline typical of oil wells. New technology now available can enhance “secondary” recovery of residual by “fraccing” or water injection etc, but that is only viable for many depleted oil wells at higher oil prices, maybe over US$100 per barrel at least. That means oil prices are unlikely to come down as this decade progresses as there is no giant size discoveries since the Ghawar oil find in 1948!. Brazil and Russia are oil self-sufficient and likely exporters in the years ahead but India and China are commodities-intensive growth economies has needs growing a lot faster than smaller discoveries since Ghawar. After Deepwater Hori...

Full article: http://www.temasekreview.com/2011/05/21/what-is-next-in-e...

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