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Peak oil production seen by 2040 as IEA calls 2020 ‘turning point’ for energy

Consumption

Global oil production is set to peak by 2030 or 2040 with more energy supplied from solar, wind and carbon capture while storage solutions are developed, Total SA CEO Patrick Pouyanne said Aug. 31.

In a video presentation for the ONS Digital Conference, Pouyanne said oil won’t disappear because it’s still the most efficient source of energy, it’s easy to transport and it’s relatively inexpensive, noting that a liter of crude oil costs less than than a liter of water.

By 2050, “we think that we’ll have something like 40 million b/d of oil per day, but it’s not zero,” the Total CEO said. “It is much less than 100 million per day which is the actual consumption. Clearly we will face a peak in oil production around 2030-2040, which will begin to decline. But we will still require oil.”

2020 may be the turning point for the energy world, International Energy Agency Executive Director Fatih Birol said later in the video. Costs are declining for alternative energy such as solar and there is a “growing determination” of governments to curb carbon emissions, he said. Companies also are changing strategies to address climate change and “major coal phase-outs” are being discussed, he said. As opposed to 1974 when the Strait of Hormuz was the hot topic in energy security, today the focus is on electricity security, he said.

Energy affordability also needs attention, and is as important as environmental matters, as it will cost “trillions of dollars” to transform the world energy system, Pouyanne said. In France, 3 million people are heating their homes with fuel oil. Incentives are being provided to encourage homeowners to switch from heating oil to natural gas or electricity produced from low-carbon sources such as renewables, he said.

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12 Comments on "Peak oil production seen by 2040 as IEA calls 2020 ‘turning point’ for energy"

  1. Abraham van Helsing on Wed, 2nd Sep 2020 6:50 am 

    IEA stating the obvious. There is no long term energy supply problem. Europe will be the first to completely decarbonize by ca. 2050. The rest of the world will follow later this century. Poor countries will have excellent the opportunity to produce hydrogen for global markets, taking advantage of their excellent supply of solar radiation and cheap labor. Eurasia will fund the installations.

  2. Davy on Wed, 2nd Sep 2020 6:58 am 

    “IEA stating the obvious. There is no long term energy supply problem. Europe will be the first to completely decarbonize by ca. 2050.”

    cloggo, loves happy endings because he loves fantasy and fairy tales. This explains his derangement when you combine this with spam and snake oil.

  3. print baby print on Wed, 2nd Sep 2020 7:31 am 

    Same old story from lairs

  4. asg70 on Wed, 2nd Sep 2020 11:08 am 

    “Same old story from lairs”

    You mean like ASPO back in 2005?

    Whither peak oil doom??

  5. print baby print on Wed, 2nd Sep 2020 12:08 pm 

    That was true look at the facts and embrace the truth if you can.

  6. print baby print on Wed, 2nd Sep 2020 12:14 pm 

    peak oil happened in 2005. I dont take in account sludge from tar sand nor piss oil from shale nor cow manure , maybe cloogie did and IEA

  7. Abraham van Helsing on Wed, 2nd Sep 2020 3:05 pm 

    Borssele I & 2 in the Netherlands of 760 MW just completed and was build in merely 9 months!

    94 turbines of 8 MW each. 9 months.

    https://www.offshorewind.biz/2020/09/02/all-borssele-1-2-turbines-standing/

    “All Borssele 1 & 2 Turbines Standing”

    No fossil or nuclear installation comes close.

    https://nl.wikipedia.org/wiki/Windpark_Borssele

  8. pedro on Wed, 2nd Sep 2020 3:44 pm 

    so confusing…seen iea articles quoting 2006 as peak oil…is this conventional and unconvenntional?……so many different theories

  9. Duncan Idaho on Wed, 2nd Sep 2020 4:27 pm 

    We are not at peak oil.
    World peak oil production happened in November of 2018 (C+C).
    It is fading in the rear view mirror.
    But, we had been on a plateau since 2005.
    Could we pass it?
    Don’t hold your breath.

  10. dissident on Wed, 2nd Sep 2020 9:46 pm 

    Moving goal posts will not give us endless oil. These days ethanol is counted as oil production.

  11. if u go to ur buddy hause and buddy not there but his wife u suck ur titties 5x so technically u r bro and sis on Wed, 2nd Sep 2020 11:45 pm 

    muzz law illegal to be alone with stranger woman

    easier to harvest then this muzz law which never changes

  12. zero juan on Thu, 3rd Sep 2020 4:30 am 

    Wow, juanPPee is whining to Tanada as if he can save the lunatic. Welcome to hell lunatic. Your days are numbered:

    if u go to ur buddy hause and buddy not there but his wife u suck ur titties 5x so technically u r bro and sis said muzz law illegal to be alone with stranger woman e…

    Davy said I sure am feeling stupid today. I think I will sti…

    Anonymouse said It will be nice when davytard is not around

    *****JuanP***** said Please PM site admin, Tanada.

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