May 8, 2015

2015 Update: Peak Oil - Are we there yet?

About a year has passed since we looked at our old oil charts to see if we can see any signs of peak oil. You can see the 2014 version here. Enough talking, let's watch the charts.


The chart above displays the global oil production between 1965 and 2014. The global oil production has actually fallen from 31,682,000,000 barrels to 31,665,210,000 which is a very tiny decline. This small decline may originate from the number of conflicts that have hit several oil producing countries.
The chart that is most interesting to look at is the chart that has to do with the US oil supply. US is after all the world's largest consumer of oil. Also, a few years ago, some analysts argued that US could begin to export more oil than it consumed as a result of the new fracking sources. 


This is how the numbers have changed:
  • The production has increased from 2,737,500,000 to 3,651,095,000 barrels per year
  • The consumption has fallen from 6,898,500,000 to 6,893,755,000 barrels per year
  • The imports have decreased from 2,821,480,000 to 2,677,911,000 barrels per year
  • The exports have increased from 48,968,000 to 126,152,000 barrels per year
So we can see that US is far away from becoming a major exporter of oil. 

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