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Oil

Volume 475: debated on Tuesday 6 May 2008

To ask the Secretary of State for Business, Enterprise and Regulatory Reform what the Government’s estimate is on when global oil production will peak; and what information has been used to arrive at that estimate. (203516)

The Government do not estimate the timing of peak in global oil production. However, it is our assessment that the global oil reserves are sufficient to prevent total global oil production peaking in the foreseeable future provided sufficient investment in both upstream and downstream is forthcoming in order for production to keep pace with the growing global oil demand. This is consistent with the assessment made by the International Energy Agency (IEA) in its 2007 World Energy Outlook (WEO).