Peak Oil Reality: Industry Experts Offer Growing Drumbeat of Supply Warnings

Groups and individuals speaking out about forthcoming world oil supply challenges are frequently stereotyped as a fringe element with little knowledge about the oil industry. But their warnings are increasingly supported by some surprising allies: senior petroleum industry officials, consultants and analysts. Call these serious-minded critics the Harsh Realists. Most prominent are CEO's from several large oil companies. Christophe de Margerie, CEO of France's Total SA, said earlier this year, "world oil production may plateau below 90 million barrels a day (mb/day)" -- marginally more supply than today's 85 mb/day rate. Last month, CEO's James Mulva (ConocoPhillips) and John Hess (Hess Corp.), sounded similar warnings, though with less specificity about the numbers, at the Oil & Money Conference in London. At ASPO-USA's October conference in Denver, Ray Leonard, CEO of Hyperdynamics Corp., said, "world oil was nearing peak oil at 90 mb/day, and that isn't changed by recent events." During September, ASPO-USA representatives interviewed numerous oil industry experts from the UK, Ireland and the Middle East. Links to those online videos are below. Featured is Sadad al Husseini, former exploration and production VP with Saudi Aramco and currently a consultant. Said Husseini, "There is not enough new capacity coming on line, within say the next five to six years, to make up for global declines. And that's assuming a very moderate level of declines." Full release.