Oil Tapping Out: Discoveries Dwindle

World oil production is set to peak in the next two years, at which point there will not be enough new projects coming on stream to offset global oilfield declines, according to a new study.

The report, by the London-based Oil Depletion Analysis Centre (ODAC), shows there are 73 major oil projects under development around the world — 24 inside the Organization of Petroleum Exporting Countries and 49 outside, including Canada’s oilsands. These projects will boost oil production to a peak of 85 million barrels a day in 2007 to 2008, from 82.5 million barrels a day in 2004, when world oil producers were running flat out and used up all excess capacity.

NOTE:The Finanical Post section of National Post (Canada) has a big front page spread with Chris Skrebowski quoted along side George W Bush under the heading Crude Oil Shortage Looms.

The opening line is: “World oil production is set to peak within the next two years…”

NationalPost