World Oil Output Has Peaked at 85 Million Barrels a Day
T. Boone Pickens to the Senate, 2008: World Oil Has 'Peaked Out at 85 Million Barrels a Day.' It Hit 100
The oilman told senators global production had topped out while demand kept climbing, so prices had to rise 'until it kills demand.' Ten years later output was over 100 million barrels a day.
What was said
“I do believe you have peaked out at 85 million barrels a day globally”
— T. Boone Pickens (oil investor, BP Capital) · said Jun 17, 2008 · due Already (June 17, 2008)
The peak kept moving. The EIA put world crude oil and other liquids output at 100.4 million barrels a day in 2018.
The fine print
Testimony to the Senate Energy and Natural Resources Committee on Tuesday, June 17, 2008, the day after oil touched a record near $140 a barrel. Pickens added: 'when the demand is greater than the supply, the price has to go up until it kills demand,' and 'In 10 years, we will have exported close to $10 trillion out of the country.' His 85 million was a total for all oil supplies, which is how the EIA figure is counted too.