PEAK OIL - EPOCHAL EVENT OF OUR LIVES

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World crude production outside US and Iraq is flat since 2005

By matt

– June 10, 2019

Posted in: Crude oil analysis, Global

In the year 2005, the global crude production curve shows a definitive kink, going horizontal for several years. This caused the 2008 oil price shock and the following financial crisis which permanently damaged the world economy. It was the first phase of peaking oil production, a foretaste of what is to come.


Fig 1: World crude and condensate production


Fig 2: Declining group

Production has fallen now to 15.7 mb/d (last 6 months of 2018) compared to 24.9 mb/d in 2005. Some of the decline is a result of ethnic and/or geopolitical confrontations which are often related to oil. Sudan is a typical example:

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