According to the report, conventional oil production will peak before 2030, with a significant risk of a peak before 2020
"The accelerating decline in production from existing fields; more than two thirds of current crude oil production capacity may need to be replaced by 2030 to prevent production from falling," the report said.
The report is a review of over 500 studies, analysis of industry databases and comparison of global supply forecasts.
Senior researcher at UKERC, Steve Sorrell, "It makes no sense to provide precise forecasts of when a peak in oil production will occur."
He also said, "The effects of global oil depletion will depend greatly on the response from governments and on the scale of investment in new energy technologies."