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Unless major oil consumers invest in exploration now (which would be the first time major funds have been invested since 1964) global oil production will level out and be unable to meet increased demands from India and China.With the continuation of improvements in technology, geology, and with government support, there is little doubt that further major reserves of oil will be found in the near future. This should result in sustainable oil supplies for a further 150 years.While we are not about to run out of oil, we are certainly past the peak of oil production, which occurred about 40 years ago. This is despite improvements in technology, geology, and with tax-subsidized investment in exploration.While we are not about to run out of oil, we are certainly past the peak of oil production, which occurred about 40 years ago. This is despite improvements in technology, geology, and with tax-subsidized investment in exploration.Oil consumption reached its first peak in 1964. Since that time the world has become increasingly dependent on oil. It is unlikely that there will be any new major oil discoveries in the immediate future or at any subsequent time.
