There are several models for estimating world peak production with dates ranging from 2002 to 2020 or later. This does not mean that the world is running out of oil: it means that we are running out of the cheap pumpable oil that has fueled the economic development of the 20th Century.
See: World crude oil production may peak a decade earlier than some predict from the American Chemical Society. (Based on 2010 study below)
U.S. oil production peaked in 1972 according data based on the Hubbert peak theory.
According to the Campbell world Oil production plot it peaked in 2002.
"The analysis of 47 major oil producing countries estimates world production will peak in 2014 at a rate of 79 MMSTB/D (million stock barrels/day). OPEC has remaining reserve of 909 BSTB, which is about 78% of the world reserves. OPEC production is expected to peak in 2026 at a rate of 53 MMSTB/D"
Source: "Forecasting World Crude Oil Production Using Multicyclic Hubbert Model" by Ibrahim Sami Nashawi, Adel Malallah and Mohammed Al-Bisharah at the Department of Petroleum Engineering, College of Engineering and Petroleum, Kuwait University, in the American Chemical Society (ACS) Journal Energy&Fuels, 2010, 24 (3), pp 1788-1800.
Return to Environment