Forbes seems to think that Peak Oil is here…at least in the non-OPEC part of the world.

The world’s biggest oil companies put in a pretty pathetic performance in the second quarter of 2011. Not in terms of earnings — those were great, with Exxon posting $10.7 billion and Royal Dutch Shell doing $8 billion. Just what you’d expect with Brent crude at a lofty $120 a barrel.

Where the results were disappointing was in the barrels. Of the 16 big U.S. and European oil companies studied by Deutsche Bank analyst Paul Sankey, 14 of them saw their production of petroleum decline in the quarter. Collectively, the drop amounted to 12% of total liquids volumes, or 1.2 million bpd. Their average output for the quarter totalled, 14.67 million bpd. Even excluding the effect of Libya’s issues, the decline was 8%.

Only Exxon and Shell managed 1% volume gains in liquids.

Overall, the producers of 31 million bpd (out of a worldwide total of roughly 86 million bpd) saw their output fall 4%.

OPEC volumes, by contrast, were up 2% in the quarter.

Forbes and others draw the conclusion that Peak Oil is here for many countries around the globe.  With the natural decline rates on big fields averaging 5% a year, some think that the global peak will arrive within 5 years.

Others include the German Defence Force which, from OilSlick, thinks that Peak Oil is unavoidableEnergy and Capital also covers this topic.


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