Oil Production Holding Steady

Over the last couple of years, world oil production has held steady at about 86 million barrels a day. Although OPEC and individual countries have said, during times of high prices, that they will raise production to bring down prices, production has not increased in the last two years. This suggests that we have hit peak oil production and now entered a plateau of production or decline. Demand will determine what the shape of the plateau or decline will look like as will the realities of supply.