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In fact the OPEC 2015 World Oil Outlook has OPEC crude falling by 400,000 bpd from its 2015 average to 2019.
Remember, just like our “Rest of the World” chart above, most OPEC nations are in decline.
However, with continued investment and application of standard enhanced oil recovery techniques, decline at the field has been kept to an average of 5% per year from 2008 to 2014, significantly lower than the natural decline rate for mature West Siberian fields of 10-14% per year.
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A German gun magazine called DWJ reports that they had a chance to take a look at a new Glock 46 designed for German police trials.
It still uses a short recoiling barrel, however, instead of the traditional Browning tilting barrel lockup seen in all Glock pistols, the Glock 46 uses a rotating barrel!They stayed pretty much on the same plateau that they had been on since 2004.It was only after prices collapsed to below a barrel in March of 2015 did Saudi Arabia and Iraq really begin to increase production.One possible scenario is that output is flat for the Big 8 in 2016 so that World C C output falls by 485 kb/d in 2016 (average output for the year compared to the 2015 average).
Over the 2009 to Jun 2015 period the Big 8 increased output at about 1300 kb/d per year, if we assume this rate slows to half the previous rate to a 650 kb/d per year increase (1.4%/year), then the peak is surpassed in 4 years in 2019.Or at least not nearly as fast as it has grown in the past.Russian Energy Minister Alexander Novak said oil production in Western Siberia, once a major contributor to overall output, was declining at an average rate of around 1 percent per year.That price did nothing for “The Rest of the World” as charted above.