The idea was that world oil production or a nations oil production would reach a maximum level and then go into permanent decline.
US crude oil production set a new record back in February, 2018 to surpass the previous oil production peak set in the 1970s. US Oil production will be setting more record highs in 2019 and 2020.
This report drove the Peak Oilers crazy in 2012 and 2013. The report predicted that world oil production would reach 110 million barrels per dayin 2020 if the price of oil was $70 per barrel or higher.
The World is on track to be very close to that oil production level in 2020.
In 2018, IEA is predicted world oil supply to increase to 103 million barrels per day by the end of 2019. World oil supply will be about 105 to 106 million barrels per day in 2020.
US crude oil production should surpass 12 million barrels per day in 2018 and reach 14 million barrels per day in 2019 and 16 million barrels per day in 2020.
In 2018, Iraq is forecasted to boost production to 5 million bpd by 2028, and to 6 million bpd by 2036. Iraq has the potential for 7 million bpd of production. Iraq’s production is 4.46 million bpd.
Oil Production Drops IF there is no Further Investment
On Page 159 of the IEA World Energy Outlook 2018 (WEO 18) there was a chart that oil production would rapidly decline IF there was no further investment.