Global oil output

Global oil liquids output will hit a plateau in the next five to 10 years and then permanently decline, whilst global gas production will keep on rising through to 2020 and beyond, an international oil expert says.

Even with high oil prices, offshore exploratory drilling in South East Asia, where the majority of exploration expenditure is directed, is not increasing substantially, according Michael R Smith, head of the global oil and gas forecasting company Energyfiles.