Give us more!

Peak oil could happen anytime between 2012 and 2017, confessed the IEA at various times recently, and more recently its chief Fatih Birol even said that peak oil has perhaps passed us by in 2006! Which means we are now in the decline region of the bell curve.

But is that scaring anyone? None. As governments continue to be in denial, the demand for oil has skyrocketed in 2010. Itncreased 2.7 million barrels per day to a new record high of 87.4 mbd -- however, increases in global oil production fell short of that by 900,000 barrels per day.

This means rising supply isn't keeping pace with rising demand. Exactly what the peak oil researchers have been saying. But again, no one wants to hear the scary truth.

The new oil production rankings now have Russia leading the world (10.27 mbd) and Saudi Arabia in second (10 mbd). The US produces 7.5 mpd (and consumes a bit under three times that). China is now in fifth place, seeing the largest increase in production, with a bit over 4 million barrels per day.