world oil production is expected to begin falling by the year 2015. why is this the case?
There are several factors contributing to the expected decline in world oil production by 2015.
1. Depletion of existing oil reserves: Many of the world's largest oil fields are reaching maturity and their production levels are declining. As these fields become depleted, it becomes increasingly difficult and expensive to extract oil, leading to a decrease in overall production.
2. Lack of new discoveries: The rate of new oil discoveries has been declining in recent years, making it more challenging to replace the oil reserves that are being depleted. This lack of new discoveries is expected to further limit future oil production.
3. Increasing costs of production: As oil fields become more depleted, it often requires the use of more advanced and expensive technologies to extract the remaining oil. This can lead to higher production costs and ultimately lower levels of production.
4. Environmental concerns and regulations: Growing environmental awareness and increasing regulations on emissions and pollution are also impacting oil production. Many countries are shifting towards renewable energy sources in an effort to reduce greenhouse gas emissions, which could further limit oil production in the future.
Overall, these factors combined are contributing to the expected decline in world oil production by the year 2015.