Oil exec: Global production has peaked

Global oil production is at or near its peak, and will likely never exceed 89 million barrels per day, according to the CEO of French energy company Total.

The Financial Times today reported that Christophe de Margerie has adjusted downward his most recent forecast for oil production in 2015, largely because of the global economic meltdown and the dramatic plunge in oil prices over the past seven months.

While oil consumption is not expected to increase this year — a first — the current glut of supplies isn’t likely to last for long, de Margerie said. While future demand might grow, consumption in coming years will be limited by increasingly restricted supplies.

According to the US Energy Information Administration, world oil consumption is expected to drop by 1.2 million barrels per day in 2009, then rebound by a similar amount next year.