World oil peak now?

ASPO October newsletter gives mounting evidence peaking is imminent



Based on the June 2004 Statistical Review of World Energy issued by BP Corporation, John Attarian, writing in the Association for the Study of Peak Oil & Gas (ASPO) October 2004 Newsletter (No. 46), presents an analysis (Item no. 429) that suggests peaking of the world production rate of conventional oil may be imminent.

Attarian writes,

the BP data point strongly to an imminent global peak. Statements in August by OPEC President Purnomo Yusgiantoro and Venezuelan Energy Minister Rafael Ramirez that OPEC had reached the limit of its production capacity support this interpretation. We might even be passing through the peak this year.

The figures Attarian cites come straight out of the horse's mouth and present quite a compelling argument. He also refers to statements by OPEC President Purnomo Yusgiantoro and Venezuelan Energy Minister Rafael Ramirez "that OPEC had reached the limit of its production capacity" which "support this interpretation". Deep Blade Journal included an entry on these statements last August.