Global crude production hit new peak in July – now declining?
October 23rd, 2008 by Jim JustThe October 2008 edition of Oilwatch Monthly reports global crude production hit a new historical record high of 75.10 million b/d in July.
July may have been the peak. Total liquids production is now declining from record highs. From The Oil Drum: Europe:
“In September world production of total liquids decreased by 1.09 million barrels per day from August according to the latest figures of the International Energy Agency (IEA), resulting in total world liquids production of 85.56 million b/d. Average global production in 2007 was 85.41 million b/d according to the IEA. In 2008 an average of 86.89 million b/d has been produced from January to September. The US Energy Information Administration (EIA) in their International Petroleum Monthly puts average global 2007 production at 84.41 million b/d and average production in the first seven months of 2008 at 85.77 million b/d.”
Falling demand due to the global recession is resulting in falling prices, which in turn is causing energy investments to be postponed or otherwise reconsidered. Peak oil is revealing itself to be a complex interrelationship of geological, political and social, and economic factors.