Future world oil supplies: There is a finite limit

Abstract

The question is not whether, but when, world crude productivity will start to decline, ushering in the permanent oil shock era. While global information for predicting this ``event`` is not so straightforward as the data M. King Hubbert used in creating his famous curve that predicted the US oil production peak, there are indications that most of the large exploration targets have been found, at the same time that the world`s population is exploding. This theme and a discussion of ``reserve`` and ``resource`` definitions and use, or abuse, are the subjects of this article. Discussions and illustrations give one indication of where the world is in crude production and reserves, and where it is headed.