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Oil Officials See Limit Looming on Production

Clipped to the Drawing Board by Bob Smith

A growing number of oil-industry chieftains and engineers are endorsing an idea long deemed fringe: The world is approaching a practical limit to the number of barrels of crude oil that can be pumped every day.

Some predict that, despite the world's fast-growing thirst for oil, producers could hit that ceiling as soon as 2012. This rough limit -- which two senior industry officials recently pegged at about 100 million barrels a day -- is well short of global demand projections over the next few decades. Current production is about 85 million barrels a day.
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Sunday 25 November, 2007 08:07 AM

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