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A variant of the Hubbert curve for world oil production forecasts

Author

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  • Maggio, G.
  • Cacciola, G.

Abstract

In recent years, the economic and political aspects of energy problems have prompted many researchers and analysts to focus their attention on the Hubbert Peak Theory with the aim of forecasting future trends in world oil production. In this paper, a model that attempts to contribute in this regard is presented; it is based on a variant of the well-known Hubbert curve. In addition, the sum of multiple-Hubbert curves (two cycles) is used to provide a better fit for the historical data on oil production (crude and natural gas liquid (NGL)). Taking into consideration three possible scenarios for oil reserves, this approach allowed us to forecast when peak oil production, referring to crude oil and NGL, should occur. In particular, by assuming a range of 2250-3000 gigabarrels (Gb) for ultimately recoverable conventional oil, our predictions foresee a peak between 2009 and 2021 at 29.3-32.1Â Gb/year.

Suggested Citation

  • Maggio, G. & Cacciola, G., 2009. "A variant of the Hubbert curve for world oil production forecasts," Energy Policy, Elsevier, vol. 37(11), pages 4761-4770, November.
    • Handle: RePEc:eee:enepol:v:37:y:2009:i:11:p:4761-4770
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    References listed on IDEAS

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    1. Brandt, Adam R., 2007. "Testing Hubbert," Energy Policy, Elsevier, vol. 35(5), pages 3074-3088, May.
    2. AfDB AfDB, 2009. "MDG Report 2009 - Full Report," MDG Report 99, African Development Bank.
    3. Rehrl, Tobias & Friedrich, Rainer, 2006. "Modelling long-term oil price and extraction with a Hubbert approach: The LOPEX model," Energy Policy, Elsevier, vol. 34(15), pages 2413-2428, October.
    4. AfDB AfDB, . "AfDB Group Annual Report 2008," Annual Report, African Development Bank, number 64 edited by Koua Louis Kouakou.
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