Leading figures from the Middle East oil industry have added their voices to those warning that the world is struggling to sustain rising oil production.
“There is a real problem — that supply may not be possible to increase beyond a certain level, say around 100 million barrels,” Libya’s National Oil Corporation chairman Shokri Ghanem said […]

World oil production peaked in 2006 and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown
The German-based Energy Watch Group’s report predicts that production will now fall by 7% a year.

A new US government report has concluded that climate change may produce stronger hurricanes that could disrupt U.S. oil production in the Gulf of Mexico and damage ports and pipelines along the coast that move fuel supplies.
The report from a team of climate change experts and scientists at seven Energy Department laboratories is […]

Ecuador’s government is planning an additional investment of $180 million into the state-owned oil company Petroleos del Ecuador, or Petroecuador, to halt declining production levels, the Economy Minister Fausto Ortiz has said.
Without this investment, Petroecuador’s oil production will likely fall to 50 million barrels this year, down from the expected 60 million forecasted by the […]

The shop around the corner raised the price of sandwiches by a quarter this week. Although the housing meltdown is raising concerns that it may take the whole American economy down with it, prices are going up and the reason is the cost of oil.