Given Oil’s the buzz word of 2008, I decided to dedicate this post to highlight the global oil production, consumption profiles along with where the new Oil would come from in the next few years.

Oil, or black gold, is indisputably the most important commodity in the world today.

The commonly held theory is that the world’s oil reserves could run dry over the next 30 to 50 years. What comes after is anybody’s guess. As you are aware there’s a ton of speculation around whether or not we are at peak oil today. Peak Oil means the world’s production of oil is maxed out and there are no credible oil reserves available to meet the demand. This implies either new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.