This is Part 2 of the World Energy Annual Report in 2018. This part of the Annual Report provides an updated analysis of world oil production and consumption, evaluates the future prospect of world oil supply and considers the implications of peak oil production for global economic growth. (See Figure 18 near end of paper) American geologist M. King Hubbert proposed Hubbert linearization as a statistical method to estimate the ultimately recoverable oil resources (Hubbert 1982). Hubbert linearization plots the annual production to cumulative production ratios against the historical cumulative production. It uses the downward linear trend of the annual production to cumulative production ratios to determine the ultimately recoverable resources. The parameters from the linear trend are then used to estimate peak production time and level. This report uses Hubbert linearization […]