The International Energy Agency (IEA) predicts oil will peak between 2013 and 2037, but generally, along with the U.S. Energy Information Agency, places the date of the peak at 2030. The IEA acts as energy policy advisor for its 26 member countries and has a staff of energy experts and statisticians from these countries. The EIA study, “Resources to Reserves: Oil & Gas Technologies for the Energy Markets of the Future,” points out that most countries outside of OPEC “have passed their peaks in conventional oil production, or will do so shortly.” As Adam Porter of the Resource Investor points out,
…the basic counter thrust of the IEA’s argument is that new technologies and increased investment can overcome any production inflection. But the level of investment that requires is truly astronomical. Repeating a figure they first used in the IEA World Energy Outlook report they estimate that the total necessary investment cost ‘for worldwide upstream operations and transport [of oil]’ by 2030 will amount to ‘$5 trillion.’
