BP: World has enough oil for forty years

Peter Davies, BP’s outgoing Chief Economist, rejects the “peak oil” claims that oil production is already at or near its peak.

“We don’t believe there is an absolute resource constraint,” he said. “When peak oil comes, it is just as likely to come from consumption peaking, perhaps because of climate change policies or for some other reason, as from production peaking.” However, the big oil majors including BP are facing increasing challenges in getting access the oil reserves, with almost two-thirds located in the Middle East.
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