PM – Oil Industry Hits Peak Production – Transcript

PM (Australia) – ALI SAMSAM BAKHTIARI: Crude oil is the master domino. When you tumble crude oil, all the other dominoes tumble, whichever they are. And that is what makes this peak oil so important.

BARNEY PORTER: Dr Bakhtiari has recently retired as a senior advisor for the National Iranian Oil Company in Tehran and has written several books and more than 65 papers on the Iranian and international oil and gas industry.

In a speech in Sydney today, he said the oil industry had hit a peak production of 81 million barrels per day, which would decline to 55 million barrels per day up to 2020.
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