The red line is a 1.8% trend line. (This graph is lifted from The Oil Drum)
Some have called the recent flattening of production a sign of peak oil. I think it is more as a result of lack of investment in new exploration over the past 15-20 years.
This investment is now taking place and several Mega-projects are on the horizon, but wheter this will be able to boost oil production above 90MMBarrel / day is a matter of debate.
Certainly as time goes on, it looks like there will not be enough oil to go around. This should mean oil prices continue to go up and technology like electric cars become ever more attractive.
1 comment:
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