What is meant by *global oil-production peak*?
The term "global oil-production peak" means that a turning point will
come when the world produces the most oil it will ever produce in a
given year and, after that, yearly production will inevitably decline.
Graphically it can usually be represented in a bell shaped curve. The
peak is the top of the curve, meaning half the world's oil will be left.
That seems like a lot of oil, and it is, but it's the half that is much
more difficult to extract, far more costly to acquire, of much poorer
quality. A substantial quantity of it will never be extracted.