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|The facts have changed, now we must change too. For the past 10 years an unlikely coalition of geologists, oil drillers, bankers, military strategists and environmentalists has been warning that peak oil -- the decline of global supplies -- is just around the corner. The high prices of the past few years have changed that.
Maugeri's analysis of projects in 23 countries suggests that global oil supplies are likely to rise by a net 17m barrels per day (to 110m) by 2020. This, he says, is 'the largest potential addition to the world's oil supply capacity since the 1980s'. The investments required to make this boom happen depend on a long-term price of $70 a barrel -- the current cost of Brent crude is $95.