A blog from University of Borås

Wednesday, November 16, 2011

Peak oil debate

It is now many years that we hear about the oil production, if it will increase, decrease or stay as the same level as today. The fact is that the oil resources are limited and cannot end forever. But, we are extracting more and more. In 2010, the global oil production was 86.8 million barrels per day, compared to 84.6 million barrels/day in 2007. However, the current sources of the oil is converting to CO2 by human faster and faster, and we have to find new fields of crude oil and also invest on alternatives. The prognosis of International Energy Agency is the oil production to increase to 96 million barrels per day in 2035. So, we can say that we have a peak in the current oil fields, and perhaps a platue in the total oil productions, but an increase in the natural gas liquids and also the unconventional oils. So, why not to investo more on the oil with the biological sources?

(The IEA’s world oil production)

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