Macquarie Bank Exec Sees Peak Oil This Year

Ian Reid sees global oil production capacity at peak in 2009 and spare capacity gone by 2012.

Published: 16-Sep-2009

LONDON -- Peak oil supply will be hit this year after the economic crisis and low prices in the first quarter of 2009 slashed much needed investment, a senior executive at Australian investment bank Macquarie said.

"This is our view -- capacity has pretty much peaked in the sense that declines equal new resources," Iain Reid, head of European oil and gas research at Macquarie, told Reuters.

The peak oil theory that oil supply is at or near its peak was long considered marginal.

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