Oil depletion
Decline in oil production / From Wikipedia, the free encyclopedia
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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.