World oil supply has peaked: expert

An energy expert says the world has already reached peak oil supply.

Professor Kjell Aleklatt heads an energy research group at Uppsala University in Sweden.

His team has found oil production will fall 25 per cent below a level widely accepted by policy makers and economists by 2030.

Professor Aleklatt says all governments must act now to reduce the world’s energy consumption.

“If we don’t have the energy, society will crack, so there is not one solution,” he said.