The Approaching World Oil Supply Crisis

Analysis: Two prominent energy thinkers suggest a direction for what to do as the spigots start trailing off — which they feel is much closer than do most in the industry.

A world oil supply crisis is looming in the near future, according to a growing number of energy analysts. This summer, Christophe de Margarie, CEO of the French oil company Total (one of the world’s top 10 oil companies), said it will be difficult to raise world oil production above 95 million barrels per day by 2020.

This is the first time a top executive of a major oil company has stated a maximum world oil-production level this low. But it is consistent with maximum world oil-production estimates provided by prominent peak oil forecasters such as Chris Skrebowski, editor of London’s Petroleum Review, and Colin Campbell, founder of the Association for the Study of Peak Oil.


Margarie’s projection is a cause for alarm since current world oil consumption is 86 million barrels per day. World oil demand is increasing at an annual rate of 1.3 percent, which is a little more than 1 million barrels a day. At this growth rate, world oil demand will surpass the 95 million barrels per day production level by 2016.

The approaching world oil supply crisis can be summed up by what’s happening in just two countries