It is downhill all the way for oil, according to a study by the Energy Watch Group (EWG) in Berlin, Germany. It reported this week that world oil production peaked in 2006 – far earlier than expected.
EWG analysed oil production figures and predicted it would fall by 7 per cent a year, dropping to half of current levels by 2030. The announcement comes as oil prices reached record highs last week, at more than $90 a barrel, and contradicts optimistic projections by the International Energy Agency in Paris, France.
The report also predicts significant falls in gas, coal and uranium production. The group warns that supply shortages could cause “a meltdown in society”, leading to scenes of mass unrest, such as those that took place in Burma earlier this month when the government pushed up fuel prices.