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What does this mean?
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Re: What does this mean?
In a word, trouble. Liquid hydrocarbon fuel production is a tad complicated. Depends whether you are producing from land, coastal, off-shore, or artic. Mature or new field. Conventional or non-conventional. Type of crude, Region. Lots of fiddly things. So someone comes up with a Meaningless Mean price that effectively is a blanket coverage. A range would be more useful; $80 - $110, or whatever. If you did it properly you would probably have quite a long list. But folk's attention spans default to 10 secs. So one-liners get posted.
The real predicament involves declining production in the majors, paralled with increasing domestic use. Double whammy on available nett exports. See: Export-land Model. If Chindia ramps up their combined imports - buy a farm, fast.
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