World oil production: focus on non-OPEC supplies ///
A summary of the recent National Academy of Science workshop on supply and demand.
The ability of petroleum production to meet demand is being questioned more insistently in recent years. Given the profound importance of this issue, the US National Academy held a Workshop on trends in oil supply and demand and potential for peaking of conventional oil production in the fall of 2005 in Washington, DC. Both the question of peak oil production and possible means to provide new supplies and reduce demand were examined.
Based on the best science available to industry, government and academic researchers, Workshop participants reached a consensus that non-OPEC oil production would peak by about 2010. This may be welcomed by some and cause great concern among others. Whatever the case, it should not be ignored.
PAST FALSE PREDICTIONS
Unfortunately, the topic is much more controversial than it should be.
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