Peak oil production definition

Peak oil production is a concept used to describe the point in time at which the maximum rate of global petroleum extraction is reached, after which the rate of production is expected to enter terminal decline. It is based on the Hubbert peak theory, which postulates that the rate of oil production follows a symmetrical bell-shaped curve — with production increasing up to the peak, after which it steadily declines till the resource is completely depleted. The timing of peak oil is difficult to predict, but it is generally anticipated to be around the year 2050.