Peak Oil Update

I usually let The Oil Drum deal with oilpatch news, but I found this to be both informative and compact:

Peak Oil is Now . RGE Economonitor, Mikka Pineda, Oct 22: German-based Energy Watch Group released its October Oil Market Report [PDF] which claims "peak oil is now"

-Looking at the countries outside of the Former Soviet Union and OPEC, it can be noticed that their total production increased until about the year 2000, but since then total production has been declining.

-Only a very limited numberof countries will still be able to expand production, particularly Brazil and Angola.

-King Abdullah of Saudi Arabia: "The oil boom is over and will not return. All of us must get used to a different lifestyle."

-World's biggest fields in decline.

-Based on the analysis of the world's giant oilfields peak oil will happen somewhere between 2008 and 2018 [Robelius 2007 [RGE $] ].

-Growth of production has come to a standstill and production now is more or less on a plateau despite historically high oil prices.

-The historical maximum of oil discoveries after some time has to be followed by a maximum of oil production (the "peak"), which was in May 2005

-33 of the 48 largest oil producing countries have already passed peak [Chevron 2007].

-IEA projections are not a very reliable basis for planning the future.

Another update from The Oil Drum shows a peak oil plateau starting in 2006 and ending in the middle of 2009, falling-off thereafter.