『Abstract
Energy is essential for present societies. In particular, transportation
systems depend on petroleum-based fuels. That world oil production
is set to pass a peak is now a reasonably accepted concept, although
its date is far from consensual. In this work, we analyze the
true expectations of the oil market participants about the future
availability of this fundamental energy source. We study the evolution
through time of the curves of crude oil futures prices, and we
conclude that the market participants, among them the crude oil
producers, already expect a near-term peak of oil production.
This agrees with many technical predictions for the date of peak
production, including our own, that point to peak dates around
the end of the present decade. If this scenario is confirmed,
it can cause serious social and economical problems because societies
will have little time to perform the necessary adjustments.
keywords: Energy markets; Peak oil production; Oil prices』
1. Introduction
2. The peak oil problem
2.1. Peak oil date prediction
3. Analysis of futures prices
3.1. Oil markets and futures prices curves
3.2. Futures prices as a predictor for peak oil
4. Conclusions
References
Date of forecast (予測年) |
Source (予測者) |
PO date (ピーク・オイルの予測年) |
Reference (出典) |
|
Bartlett | 2004-2014 | Bartlett(2000) |
EIA | 2021-2112 | Wood and Long(2000) | |
IEA | Beyond 2020 | IEA(2000) | |
2001 | Deffeyes | 2003-2008 | Deffeyes(2001) |
|
Nemesis | 2004-2011 | Nemesis(2002) |
Smith | 2011-2016 | Smith(2002) | |
|
Simmons | 2007-2009 | Simmons(2003) |
Deffeyes | Before 2009 | Deffeyes(2003) | |
Campbell | Around 2010 | Campbell(2003) | |
World Energy Council | After 2010 | WEC(2003) | |
Laherrere | 2010-2020 | Laherrere(2003) | |
Shell | 2025 or later | Davis(2003) | |
Lynch | No visible peak | Lynch(2003) | |
|
EIA | 2021-2112 | Wood et al.(2004) |
Bakhtiari | 2006-2007 | Bakhtiari(2004) | |
Skrebowaki | After 2007 | Skrebowski(2004) | |
Goodstein | Before 2010 | Goodstein(2004) | |
CERA | After 2020 | Jackson and Esser(2004) | |
2005 | Koppelaar | After 2010 | Koppelaar(2005) |
2006 | Skrebowski | After 2010 | Skrebowski(2006) |
|
Smith | 2011 | Smith(2006) |
Koppelaar | After 2012 | Koppelaar(2006) | |
IEA | After 2030 | IEA(2006) | |
CERA | 2035 | Jackson(2006) | |
|
Robelius | 2008-2018 | Rebelius(2007) |
Koppelaar | 2015 | Koppelaar(2007) | |
Laherrere | About 2015 | Laherrere(2007) | |
|
CERA | After 2017 | CERA(2008) |
Shell | 2020 or later | Shell(2008) |