In These New Times

A new paradigm for a post-imperial world

The oil glut and an inevitable oil price rebound

Posted by seumasach on December 6, 2014

Oil Price

1st December, 2014

The world is awash in oil, I’m hearing. The problem is, it’s fairly expensive oil.

Take for example Canada. The country that has managed to increase its production of oil by a million barrels a day over the last decade. But almost all of that increase has come from oil sands. If you consider only conventional crude oil, Canadian production today would be a third of a million barrels a day lower than at its peak in 1973.

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