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Article from David Fleming about the effects of the global peak in oil production.
"But now, it is back with a vengeance. In region after region, the story is of ageing oilfields, of the wrong type
of oil, of nitrogen being pumped into wells to keep up the flow, of exploration turning to unpromising areas such
as West-of-Greenland. The UK's North Sea oil is past its peak now, as are the giant fields in Alaska, the former
Soviet Union, Mexico, Venezuela and Norway are all past their peak. The United States' own oil supplies have
been declining since 1970 and now account for less than half its needs. There is a possibility of some significant
finds off the coast of West Africa, but their development is still years away, and they are not on a scale capable
of making a difference. The only producers who still possess an oil resource which may be capable of keeping oil
flowing into the world market at a roughly constant level are the Middle East OPEC Five - Saudi Arabia, Iran, Iraq, Kuwait and the United Arab Emirates. And even with these countries, it seems, the closer you look at the detail,
the less they have to offer."
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