What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
Peak oil models forecast China’s oil supply, demand
Publication date:
2008-01-14
First published in:
Oil & Gas Journal
Abstract:
Peak oil models show a widening gap between China’s oil demand and production. The generalized Weng model predicts a peak oil production in China of 196 million tonnes in 2026 and the Hubbert model indicates a peak oil demand in 2034 of 633 million tonnes.
Because forecasts indicate a widening gap between production and demand, China’s government is undertaking various measures to reduce this gap and more measures will be needed in the future. In 2006, China imported 47% of the oil it consumed.
For predicting future oil production and demand in China, this article shows the results of three peak oil models: Hubbert, Generalized Weng, and HCZ.
Published in: Oil & Gas Journal, January 14, 2008, volume 106, issue 2
Available from: Oil & Gas Journal Online
