page_title: Oil depletion
section_title: World oil production
hierarchical_section_title: Oil depletion / Production decline models / World oil production
caption_attribution_description: English: Plot of World oil production from 1960 to 2005 generated using Excel from data from the Energy Information Administration of the U.S. Department of Energy
context_page_description: Oil depletion is the decline in oil production of a well, oil field, or geographic area. The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve. Thus, according to this theory, when the peak of production is passed, production rates enter an irreversible decline.
  The United States Energy Information Administration predicted in 2006 that world consumption of oil will increase to 98.3 million barrels per day in 2015 and 118 million barrels per day in 2030. With 2009 world oil consumption at 84.4 mbd, reaching the projected 2015 level of consumption would represent an average annual increase between 2009 and 2015 of 2.7% per year.
context_section_description: The 1970 production peak in the U.S. caused many people to begin to question when the world production peak would occur.  The peak of world production is known as Peak oil.
caption: World oil field production curve
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