"PEAK oil is now", proclaims a hard-hitting study of global resources by the German-based Energy Watch Group.
Its predictions are dire: global oil output peaked in 2006 at 81 million barrels per day, will slide to 58 million bpd by 2020 and 39 million bpd by 2030.
NVDL: That's a chronic slide, a crash, and the world is unlikely to decelarate gently. It's likely to include stalling, sputtering, and the lobbing of the occasional nuclear warhead.
This is in sharp contrast to the International Energy Agency, which predicts 105 million bpd by 2020 and 116million by 2030, though offline, there is a growing view at the IEA that its projections are too optimistic.
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