epoch

Has Oil Production Reached a 'De Facto' Peak?

A few observations:
1) Greed increases global crude production (higher the oil price the more incentive to add production).
2) High oil price feeds greed (producing nations need more and more money to keep their people happy, new infrastructure projects).
3) NOC incompetence or lack of efficiency (poor business practices) limit global crude production during high and low price environments (just the way it is).
4) Hoarding occurs when the incompetence of a nation's NOC(s) and/or political system is so great that greed (the needs of their people) does not provide enough incentive to increase/stabilize production (it becomes their plan to save oil in the ground since it can't be produced anytime soon by NOC).
5) Politics are the root of all problems (NOC competence won't improve without a major change in political will).
6) International oil companies can increase production if given a chance/access and some resemblance of fair business practices (requires political will).