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World oil production to peak in 15-25 years, AAPG told

04/23/2007
The world is consuming oil at a rate that will result in oil production peaking in 15 to 25 years, a group of geoscientists told the American Association of Petroleum Geologists’ annual convention in Long Beach, Calif.When world oil production reaches the peak by 2020-40, the rate will be 90-100 million b/d, only 10-20% higher than it was in 2005. Depending on the level of world oil resources, which is highly uncertain, that peak is likely to last 20-30 years before production begins its ultimate decline.The estimates are released for the first time following an AAPG Hedberg Research Conference on Understanding World Oil Resources held in November 2006 in Colorado Springs.Richard Ne...
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