But the North Sea's declining production can no longer be relied upon to meet demand (see chart).
With food production per capita declining, the country has to rely on food imports to feed itself.
There has been no information, however, contradicting his assertion that the massive Ghawar field could soon see declining production.
Oil production has been declining on federal lands, while booming on private lands.
From its discovery in 1973 until 1989, a particular well in the field followed the usual pattern of gradually declining production.
However, sales declined to 7.7 million tons in 2009, as ArcelorMittal put limits to steel production to counter declining demand during that period.
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Big Oil is finding that to make up for declining production from aging megafields they have to drill ever more holes into ever smaller reservoirs.
We believe complexities associated with pipeline systems, gas storage and extraction, as well as declining production will drive natural gas prices up in the long-term.
Compounding the problem of declining production is the fact that most of these countries have long relied on cheap domestic fuel prices to keep their citizens happy.
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That means drillers would have to find and develop another 5 million barrels per day of domestic oil, while continuing to fight declining production from older fields.
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North Sea production has been declining for almost a decade.
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The usual suspects--rising global demand, declining production and foreign oil cartels--have all played a role in the reversal in one way or another, but the primary reason is more complicated.
The US petroleum production has been declining for decades.
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Some say criticism of the Brent benchmark is unwarranted, particularly as the third benchmark, Dubai crude, is more opaque, with declining production and only a small trading volume compared to Brent or WTI.
And now, with his increasing tabloid notoriety and declining production, some of the team's executives have concluded he's more a handicap than a help as the team strives for World Series title No. 28.
And North Sea production is definitely declining.
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Oil production is flat to declining for companies like Rosneft and Lukoil.
Freeport has been ramping up operations at its underground mines amid declining surface production.
The regimes that are in the most trouble are the ones loosing the most from declining oil production.
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Stagnant or declining gold production will be one of the main market forces supporting higher gold prices this year.
But declining automotive production in Europe, which constitutes around 40% of total sales has strained gains from Asia and North America.
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Mulva likes gas less for its green qualities, more because gas reserves are easier to secure and help the company replace its declining oil production.
Since 1999, Europe has increased oil imports more than 20%--just slightly less than the amount consumed by Germany in 2007--to compensate for declining domestic production.
Their official data on exports show that low value added production accounts for a declining share of total exports, falling to below 50 percent since 2008.
The Gulf of Mexico has become an important deepwater exploration and production region and it now contributes to 27% of the total crude oil production in the U.S. BP owns the largest acreages in the Gulf and plans to resume drilling in the region to prop up its declining crude production.
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Zambia's unwise nationalisation of the mines in 1969 (as advised by the best of British development economists) may have contributed to declining copper production but population pressures, shifts in the terms of trade since the 1970s and a burden of debt to the West that originated then in recycled petro-dollars have contributed massively to the impoverishment of the country.
Norway is looking to the Barents Sea to compensate for declining North Sea production.
In a complete reversal of the widely accepted energy paradigms of declining domestic hydrocarbon production, dependence, and shortage, it is now realistic for America not just to feed the world, but to fuel it as well.
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Cairn India's investment and exploration plans will also help raise domestic crude and gas production, which is witnessing a declining trend as most of the country's producing fields are ageing.
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