A German based group released a report in London today stating that world oil production peaked in 2006. The group based its conclusions on actual production rather than estimates of reserves. While reserve estimates suggest 42 years more oil supply at current consumption rates, the group believes there is only two thirds that amount and that production will be halved by 2030, declining at a rate of 7% a year. The report also warns of social and political unrest and wars as a result of oil shortages.
Read the full report here.
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