Oil depletion is the decline in oil production of a well, oil field, or geographic area.[1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve. Thus, according to this theory, when the peak of production is passed, production rates enter an irreversible decline.[2][3]
The United States Energy Information Administration predicted in 2006 that world consumption of oil will increase to 98.3 million barrels per day (15,630,000 m3/d) (mbd) in 2015 and 118 million barrels per day in 2030.[4] With 2009 world oil consumption at 84.4 mbd,[5] reaching the projected 2015 level of consumption would represent an average annual increase between 2009 and 2015 of 2.7% per year.
- ^ US Energy Information Administration, Accelerated depletion
- ^ M. King Hubbert (June 1956). "Nuclear Energy and the Fossil Fuels 'Drilling and Production Practice'" (PDF). API. p. 36. Archived from the original (PDF) on 2008-05-27. Retrieved 2008-04-18.
- ^ Hirsch, Robert L.; Bezdek, Roger; Wendling, Robert (February 2005). "Peaking Of World Oil Production: Impacts, Mitigation, & Risk Management" (PDF). Science Applications International Corporation/U.S.Department of Energy, National Energy Technology Laboratory. doi:10.2172/939271. Retrieved 2022-05-08.
- ^ "International Energy Outlook 2011 - Energy Information Administration" (PDF). Eia.doe.gov. Retrieved 2013-05-20.
- ^ "Total Consumption of Petroleum Products (Thousand Barrels Per Day)". Archived from the original on 2010-11-18. Retrieved 2010-06-29.