Peak oil and fragility of global oil supply

The bottom line is that 84 million barrels of conventional oil per day appears to be the maximum that the world’s oil industry can deliver. The future of conventional oil extraction is a globe-spanning curve of irreversible decline.
Peak Oil is also a means of stating that about half of all the conventional oil in the crust of the Earth has been located and extracted. What will mankind do in the future? Good question: Modern, and certainly Western-style, economic life is based on the ready availability of large quantities of relatively cheap, easily refined petroleum.

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