World oil production may have already peaked at about 85 million barrels daily (mmbd) where it has been stuck for the past year... With current demand near 86 mmbd, the difference has been made up by declining inventory.Peak Oil Is Here
“The world is consuming more oil than it is producing.”--The Economist, July 14-20 print edition.
The New Energy Pessimism
Recently, however, a spate of high-level government and industry reports have begun to suggest that the original peak-oil theorists were far closer to the grim reality of global-oil availability than industry analysts were willing to admit. Industry optimism regarding long-term energy-supply prospects, these official reports indicate, has now given way to a deep-seated pessimism, even in the biggest of Big Oil corporate headquarters.
