A couple of years back, I attended a presentation by Tom Eizember, Exxon’s head of strategic planning. During the presentation, Eizember asked how many in the audience believed in peak oil, and I raised my hand. I believe I was the only one. Exxon does not subscribe to peak oil And yet. Exxon has issued its new Outlook (which is well worth a look). One of the interesting features of this report is its view of conventional oil production, comprising traditional onshore and offshore / deepwater production. In Exxon’s view, conventional production peaked around 2005 and is not projected to revisit this level until, at best, around 2040. This is not particularly controversial, but it is interesting to see Exxon acknowledge it. And it’s important for our understanding of the long term outlook for the oil supply and oil prices, which I consider in greater detail below. Exxon Global Oil Supply Outlook 2015 Source: Exxon […]