Peak Oil: A Looming Threat to Economic Stability

World crude oil extraction reached an all-time high of 84.6 million barrels per day in late 2018, and production hasn’t been able to regain that level since then, sparking the question: has oil production already peaked? Figure 1. World monthly crude oil production based on data of the US Energy Information Administration (EIA). The straight orange line represents the 24-month average during the period June 2022 through May 2024. Oil prices have bounced up and down over the ten-year period 2014 to 2024 (Figure2). Figure 2. Average monthly…