Peak Oil – the maximum sustainable rate of global oil production - happened in 2012. That's one of the main conclusions of a new report, Fossil and Nuclear Fuels – The Supply Outlook, released in March 2013 by the Energy Watch Group (EWG).
EWG is a group of independent scientists funded by a private German foundation. The group's stated mission is to provide objective information about energy and the limitations of energy supplies, to assist in good decision-making at all levels.
Based on close examination of data from all over the world, EWG concludes that the world reached its maximum level of oil production in 2012. The report also states that US natural gas production has gone about as far as it can go, and the world will see peak everything – the highest level of fossil-fuel production globally – by the end of this decade.
Global oil production reached a maximum, according to the EWG, in 2012, and they expect a 40% decline in production by 2030. This is radically different from the 2012 IEA World Energy Outlook, the semi-official annual energy document, which forecasts production continuing to grow until at least 2030.
The EWG report said that US shale gas production will likely be unable to expand significantly because of high costs and rapid decline rates of individual wells.
Richard Vodra, May 6, 2013.