Proponents of the Peak Oil theory (See Does Rapid Decline in Mexican Oil Field Prove Peak Oil Theories?) would seem to have some additional support from the chart below on world oil reserves, courtesy of the BP Statistical Review of World Energy, released in June 2007.

As can be seen from the graphic below, world wide oil reserves have really started to flatten out - ultimately meaning the same or worse for output. The reserves from the Middle East have really flattened, with much of the world reserve increase since the late 1990s coming from the Canadian oil sands, an amount well known and static given current technology. All this as global demand continues its strong growth.

Source: BP Statistical Review of World Energy

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