World Oil Capacity to Peak in 2010 Says Petrobras CEO

January 15, 2011 • Daily Email Recap

Thanks to George Taylor for this article about a talk given by the CEO of Petrobras (Brazilian oil company) in December 2009.

Jose Sergio Gabrielli, CEO of Petrobras, gave a presentation in December 2009 in which he shows world oil capacity, including biofuels, peaking in 2010 due to oil capacity additions from new projects being unable to offset world oil decline rates.

Gabrielli states that the world needs oil volumes the equivalent of one Saudi Arabia every two years to offset future world oil decline rates.

This is a stronger statement than the one he gave in January 2009 in an interview with Business Week when he said the following.

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