More Peak Oil Evidence: Exxon Production Falls 7.8%, Most In Decade

production fell 7.8%, the biggest decline in at least a decade.

Production tumbled 7.8 percent after assets were seized in Venezuela, Nigerian workers went on strike and record prices triggered contract clauses that give oil-rich governments a bigger share of output.

CEO Rex Tillerson said that Exxon is spending $52 million a day looking for new fields. Crude prices may have fallen off their peak earlier this month, but if companies like Exxon continue to fail to increase production, it’s likely that we’ll be heading back to that peak (and beyond) very soon. Unless the global economy collapses.

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