ABSTRACT
The future supply of crude oil is only indirectly governed by the amount of reserves still available; it is much more determined by future production capabilities. An eventual future supply crisis will not be the result of the production of the ‘last drop’ of oil; long before this ever happens the peaking of world oil production will mark a turning point for our economies. Then a period of time which has seen ever growing production volumes will be followed by a time of steadily shrinking production year after year.
