THE PRODUCTION OF CONVENTIONAL CRUDE OIL PEAKED 2006
AT 70 MBD
THE OTHER 25 MBD IS OTHER LIQUID FUELS
Pockets of cheap, easy-to-produce oil — called conventional crude — are gradually drying up after more than a century of exploration. Exxon Mobil, the world’s largest publicly traded oil and gas company, said it expects output from developed conventional oil fields to decline through 2040. Conventional crude output actually peaked in 2006, at 70 million barrels a day, and has since plateaued, the International Energy Agency said in its 2010 World Energy Outlook report.
The growth in oil supplies will largely come from harder-to-reach, more expensive reserves, including U.S. shale oil, Canadian oil sands crude and deep-water oil fields — a group that’s proved vulnerable to plunging oil prices and sweeping budget cuts in recent years. Exxon Mobil projected these unconventional supplies, together with natural gas liquids, will represent 40 percent of global petroleum liquid production by 2040, up from 25 percent in 2014.http://www.ibtimes.com/peak-oil-predictions-didnt-pan-out-concerns-about-supply-persist-conventional-crude-2296708