UK PRESS: World Oil Output To Peak Next Decade - BP Exec


DOW JONES NEWSWIRES
November 7, 2004 5:45 a.m.

LONDON -- A senior executive at BP PLC (BP) thinks world oil production will peak in the next decade, earlier than most other forecasts, the Business reported Sunday.

BP exploration consultant Francis Harper estimated the amount of total usable oil reserves in the world are 2.4 trillion barrels, and production would peak between 2010 and 2020, the report said.

Harper said production would drop off outside the Organization of Petroleum Exporting Countries first, concentrating power in the producer group.

That forecast would mean demand outstripping supply much earlier than other forecasts by ExxonMobil Corp. (XOM) or Royal Dutch/Shell Group (RD SC), the report said.

Newspaper Web site: http://www.thebusinessonline.com