Peak oil predictions – including that dreaded day when the maximum rate of extraction is reached, after which the rate of production enters decline, leading to depletion of reserves – are back.
Unlike some previous forecasts, recent reports are more sober.
The debate on output highlights the Saudi government’s increasing calls for a more “equitable” oil pricing level at US$75 a barrel. This would encourage continuous investment in this vital energy sector, while at the same time ensuring that peak oil thresholds are pushed back.
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