UK PRESS: World Oil Output To Peak Next Decade – BP Executive

LONDON -(Dow Jones)- A senior executive at BP PLC (BP) thinks world oil
production will peak in the next decade, earlier than most other forecasts, the Business reported Sunday.

UK PRESS: World Oil Output To Peak Next Decade – BP Executive
LONDON -(Dow Jones)- A senior executive at BP PLC (BP) thinks world oil
production will peak in the next decade, earlier than most other forecasts, the
Business reported Sunday.
BP exploration consultant Francis Harper estimated the amount of total
usable oil reserves in the world are 2.4 trillion barrels, and production would
peak between 2010 and 2020, the report said.
Harper said production would drop off outside the Organization of
Petroleum Exporting Countries first, concentrating power in the producer group.
That forecast would mean demand outstripping supply much earlier than
other forecasts by ExxonMobil Corp. (XOM) or Royal Dutch/Shell Group (RD SC),
the report said.

Newspaper Web site: http://www.thebusinessonline.com

-By Shai Oster, Dow Jones Newswires; +44-20-7842-9357;

shai.oster@dowjones.com

(END) Dow Jones Newswires

11-07-04 0600ET- – 06 00 AM EST 11-07-04

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