German Government Rejects Report ‘Peak Oil’ Occurred in 2010

Chancellor Angela Merkel’s government rejected a report by Germany’s armed forces that global crude-oil production reached its maximum last year, parliament’s HIB newsletter said.

Crude output “can be increased through 2035 under today’s conditions, assuming an optimal development and exploitation of reserves,” HIB said today, citing the government’s response to a query by the opposition Green party. The government’s outlook is based on International Energy Agency estimates, it said.

The German armed forces said in a report that maximum global crude output, so-called peak oil, occurred in 2010 “with a certain likelihood,” according to HIB. The study is yet to be completed, HIB cited the government as saying.

Members of the Organization of Petroleum Exporting Countries may boost oil supply this year as demand for crude rises amid a recovery in economic growth rates to near levels last seen before the global financial crisis, Saudi Arabian Oil Minister Ali al-Naimi said today. The IAE last week raised its 2011 global crude-oil demand forecast for a fourth month as the recovery gathers momentum.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net

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