ERHC Energy Inc (ERHE)

[mugwump]

to mrogop- sorry i'm so late
On this graph, a person can see that world oil production was rising fairly steadily, but recently has "stalled out". Based on data of the United States Energy Information Agency (EIA), oil production for 2005 was a little higher than that for 2006. Partial 2007 data suggests that 2007 production may be a little lower than that for 2006.

Because of this "stalled out" condition, there is a growing gap between what the world would like for petroleum production, and what is actually being produced. At this point, the countries that are suffering a shortfall because the current price is too expensive are mostly third world countries from Africa and Asia. The International Energy Agency (IEA) has expressed concern that oil production is not high enough, and believes that Organization of Petroleum Exporting Countries (OPEC) should produce more.

5. Can OPEC raise its production of petroleum?

Many people suspect that the answer to this question may be no. Some publications report that Saudi Arabia is having production difficulties, as are several other OPEC countries (Kuwait, Iran, Nigeria and Venezuela). Saudi Arabia does not admit to any production problems. EIA data indicates declining oil production for Saudi Arabia, even before OPEC production cuts were announced in the fall of 2006.