Interestingly, there are still peak oil advocates who think that we’ve reached peak oil now, despite the fact that shale oil production is still growing, OPEC+ has about 1.5 mb/d of production shut-in due to weak prices, while Venezuela, Libya, Iran and Nigeria are all experiencing difficulties that have closed down temporarily 3 mb/d or more, much of which is likely to return to market in the next few years. Still Ron Patterson asks, “Was 2018 the peak for crude oil production?” and Gail Tverberg says , “Given the nearly worldwide problem of falling affordability of goods by non-elite workers, we should not be surprised if the peaks in oil production in October and November 2018 ultimately prove to be the maximum production ever recorded.” The former is merely looking at recent production trends, the latter believes that consumers can’t afford the prices producers need to invest in new […]