Oil production limit reached: expert

[MikeNearMcChord]

An international oil industry expert says the limit of global oil production has been reached.

Academic and former National Iranian Oil Company executive Dr Ali Samsam Bakhtiari has told the Financial Services Institute in Sydney the world's oil fields are producing as much oil as they can.

He says giant fields in Saudi Arabia and Kuwait are struggling to meet production targets.

http://www.abc.net.au/news/newsitems/200607/s1682899.htm

[mcscajun]

1. "...five years left to plan priorities for the use of crude oil."

That's it. After that...?

"The worst thing you can do is to panic when the prices are going to go sky-high. The problem will become the day that you cannot optimise by price," he said. You will have to optimise by availability, so there won't be oil for everyone."

[bhikkhu]

2. and supply determines demand, wealth determines price

uncharted territory, as yet.