I read earlier this week that a BP pipeline from the Caspian Basin through Azerbaijan and Turkey just came on line this week. The article stated that experts estimated the fields to be the 3rd largest in the world.
Any thoughts on how this may affect the world oil supply?
First, there are the usual questions about the accuracy of the estimates...for the usual reasons. Most recently, there have been a number of dry test holes in the region.
Second, the experts - like ExxonMobil - are aware of these estimates and have factored them into their calculations.
Third. The experts - all of them - could be wrong and anything and everything. They have been before. It's very, very hard to predict the future. But I'd rather place my bets on their opinions than on those of ostriches, astrologers, necromancers, stock touts, and assorted lunatics and charlatans.