Found this in the NYMEX daily newletter. I'm not sure it is credible - NYMEX does like high trading volumes on their contract I'm sure, but interesting none the less.
Global Oil Output Seen Falling 7% A Year
World oil production has already peaked and will fall from the current 1 million barrels a day to 39 million barrels a day by 2030, The Guardian said, citing a report by the Energy Watch Group.
The Germany-based group says that global oil production peaked in 2006 —
much earlier than most experts had expected and predicts that production will now fall by 7% a year. “The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy,” said Hans-Josef Fell, EWG’s founder and the German lawmaker behind the country’s successful support system for renewable energy.
The group says official industry estimates put global reserves at about 1.255 gigabarrels — equivalent to 42 years’ supply at current consumption rates. But it thinks the figure is only about two thirds of that. The EWG
study relies more on actual oil production data which, it says, are more reliable than estimates of reserves still in the ground.
Global Oil Output Seen Falling 7% A Year
World oil production has already peaked and will fall from the current 1 million barrels a day to 39 million barrels a day by 2030, The Guardian said, citing a report by the Energy Watch Group.
The Germany-based group says that global oil production peaked in 2006 —
much earlier than most experts had expected and predicts that production will now fall by 7% a year. “The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy,” said Hans-Josef Fell, EWG’s founder and the German lawmaker behind the country’s successful support system for renewable energy.
The group says official industry estimates put global reserves at about 1.255 gigabarrels — equivalent to 42 years’ supply at current consumption rates. But it thinks the figure is only about two thirds of that. The EWG
study relies more on actual oil production data which, it says, are more reliable than estimates of reserves still in the ground.
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