World Oil Production Forecast – Update November 2009

World oil production peaked in July 2008 at 74.74 million barrels/day (mbd) and now has fallen to about 72 mbd. It is expected that oil production will decline at about 2.2 mbd per year as shown below in the chart. The forecasts from the IEA WEO 2008 and 2009 are shown for comparison. The IEA 2009 forecast has dropped significantly lower than the 2008 forecast. The IEA 2009 forecast also shows a slight decline from 2009 to 2012 implying that the IEA possibly agrees that world oil peaked in July 2008.

The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production now to urgently increase the focus on oil conservation and alternative renewable energy sources.

http://www.theoildrum.com/node/5979