In a report made for the Department of Energy in 2005, lead author Robert L. Hirsch warned “the world has never faced a problem like this. Without massive mitigation more than a decade before [peak in global oil production], the problem will be pervasive and will not be temporary. Previous energy transitions were gradual and evolutionary. Oil peaking will be abrupt and revolutionary.”
Keep that in mind as we venture forward into recession/depression.
The Oil Drum: World oil production peaked in 2008 by ace
World oil production peaked in 2008 at 81.73 million barrels/day (mbd) shown in the chart below. This oil definition includes crude oil, lease condensate, oil sands and natural gas plant liquids. If natural gas plant liquids are excluded, then the production peak remains in 2008 but at 73.79 mbd. However, if oil sands are also excluded then crude oil and lease condensate production peaked in 2005 at 72.75 mbd.
The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production to renew the focus on oil conservation and alternative energy sources.