Have we reached Peak Oil...?

[MindMover]

Global Oil Production Update: EIA Revises Two Decades of Oil Data

Since 2005, despite a phase transition in prices, global oil production has been trapped below a ceiling of 74 mbpd (million barrels per day). New production from new fields and new discoveries comes on line, but, it has not been at a rate fast enough to overcome declines from existing fields. Overall, global decline has been estimated at a minimum of 4% per year and as high as 6+% a year. Given that new oil resources are developed and flow at much slower rates, the existing declines present a formidable challenge to the task of increasing supply. I see no set of factors, in combination, that would take global production of crude oil higher in 2012, or next year, or thereafter.

http://gregor.us/oil/global-oil-production-update-eia-revises-two-decades-of-oil-data/

[url=http://www.flickr.com/photos/41483660@N04/7082148321/][img][/img][/url]
[url=http://www.flickr.com/photos/41483660@N04/7082148321/]8-Global-Average-Annual-Crude-Oil-Production[/url]

[neverforget]

1. I think so. All the easy to get to oil has been tapped. Now we're on to the deeper, more difficult

to get to oil.

[randome]

2. I've been on DU for 11 years.

And this idea has been promoted every year. And I know for a lot longer before DU.

I WISH we were at peak oil. Maybe we'd stop fouling the air, then. Sadly, it does not appear to be coming anytime soon.

[Spider Jerusalem]

5. All indications are that the global peak of conventional oil production is past.

The chief economist of the IEA has acknowledged a peak in conventional production in 2006. Production appears to be on a plateau, with depletion of conventional oil being made up for by non-conventional resources (tar sands, heavy oil, deepwater).

See here, for instance: http://newswatch.nationalgeographic.com/2011/05/05/the-world-has-passed-peak-oil-says-top-economist/

[FarCenter]

3. Globally we've reached Peak Oil; in the US we are past the peak of usage.

US production peaked in the '70s. Since then our increased consumption has been based on imports.

Now global production has plateaued, and other countries are consuming more oil.

Therefore, US oil consumption will decline steadily over the next decade.

[RC]

4. Oil peaked in 1973.

Since then we have been drilling previously known, but untapped sites.
That chart in the OP would be more useful if it went back to at least the 1960's.

[Spider Jerusalem]

6. US oil production peaked in 1970

global production in 2006; a chart going back to the 1960's wouldn't be that useful because global production continued to increase after the US passed its peak of production.