The Cost of Oil And Hubbert's Peak

RIGZONE - The Cost of Oil And Hubbert's Peak:
The Record, Bergen County, NJ -- August 16, 2005

There is now a theory that world oil production is approaching the same 'Hubbert's Peak.' Kenneth Deffeyes of Princeton, author of 'Hubbert's Peak: The Impending World Oil Shortage,' is one of the principle proponents. Applying Hubbert's techniques to world oil, Deffeyes found that non-OPEC discoveries peaked in 1975. That means we should be approaching peak production right about now.
As for OPEC production - who knows? The Saudis are still highly secretive about both their reserves and their production capacity - as are all OPEC nations. OPEC parcels out its production quotas on the basis of reserves - which prompts all OPEC members to exaggerate their capacity.