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.
“The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy,” says Hans-Josef Fell, EWG’s founder and the German MP behind the country’s successful support system for renewable energy.
The report’s author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us. “The world is at the beginning of a structural change of its economic system. This change will be triggered by declining fossil fuel supplies and will influence almost all aspects of our daily life.”