“Crude Oil The Supply Outlook” is a report to the Energy Watch Group published in October 2007. The main objective of the report was to project the future availability of crude oil up to 2030.
The report concludes that the peak of world oil production was in 2006, earlier than some other authorities. The authors say that “One reason for the difference is a more pessimistic assessment of the potential of future additions to oil production, especially from offshore oil and from deep sea oil due to the observed delays in announced field developments.”
The report states that, “The most important finding is the steep decline of the oil supply after [the] peak” [of oil production]. The projections for global oil supply are dramatically different from those of the International Energy Agency (IEA).
The conclusion of the report is blunt and worrying, “The major result from this analysis is that world oil production has peaked in 2006. Production will start to decline at a rate of several percent per year. by 2020, and even more by 2030, global oil supply will be dramatically lower. This will create a supply gap which can hardly be closed by growing contributions from other fossil, nuclear or alternative energy sources in this time frame.” The authors add, “The world is at the beginning of a structural change of its economic system. This change will be triggered by declining fossil fuel supplies and will influence almost all aspects of our daily life.” The IEA is also strongly criticized, “The message by the IEA, namely that business as usual will also be possible in future, sends a false signal to politicians, industry and consumers – not to forget the media.”
This report is a well-researched and authoritative document, anyone interested in the question of “peak oil” and energy resources should read it.
Report Download: Crude Oil The Supply Outlook
Website: The Energy Watch Group
The Energy Watch Group consists of independent scientists and experts, “Crude Oil The Supply Outlook” was published in Ottobrunn, Germany, October 2007