"Peak oil scenario" approaching faster than expected

"Peak oil scenario" approaching faster than expected

ABERDEEN, Scotland, May 21 (Xinhua) -- After successfully forecasting current oil prices at the first All Energy conference in 2001, John Westwood, an energy expert, said here on Wednesday that "more pain is to come" for world energy.

Speaking at the opening session of the All Energy'08, the 8th in the annual series, John Westwood, Chairman of energy analysts Douglas-Westwood, a research consultant company for international energy industries, said "there is a strengthening view that the 'peak oil scenario' is approaching much faster than any of us expected."

He said people such as Christoph De Margerie, CEO of Total, and T. Boone Pickens believe the world will never exceed its current level of production as new oil fields fail to compensate for declining ones.

The energy expert said recently published statistics suggest production from ten out of the top 13 international oil companies, including BP, Chevron, Total and Shell may have already passed it speak.

He said that in 1970 such oil companies controlled about 80 percent of world reserves whereas today that 80 percent is in the hands of national oil companies.

"However, the Saudis have put their oil campaign on hold stating that it will not increase production to 15 million barrels per day; and despite oil prices hitting new records Russian output has slumped", he said, adding that this may be another hint of the oil peak.