Industry

The chart using the BP world oil production data effectively separates the peaked producers from those who are increasing, and those who may still increase or at least hold steady for awhile. This article add a few thoughts on likely future production trends.

Scientists have criticised a major review of the world’s remaining oil reserves, warning that the end of oil is coming sooner than governments and oil companies are prepared to admit. BP’s Statistical Review of World Energy, published yesterday, appears to show that the world still has enough “proven” reserves to provide 40 years of consumption at current rates.

I regard much of this gloom and doom as vastly overdone. But we should admit that, in the first decade of the 21st Century, those of us who work in the energy industry are at the very centre of the challenges which the world faces. It is not a comfortable position. Yet we should rise to those challenges wisely, confidently and rationally.