Kuwaiti scientists have predicted that global oil production will peak in 2014 and then gradually decline until it runs out, LiveScience reported.

The researchers, from Kuwait University and the Kuwait Petroleum Company, said their study used a revised version of the Hubbert model. According to the model, American petroleum geologist John Hubbert correctly predicted peak oil in the United States in the 1970s in 1956. Since then, the model has been widely used by petroleum geology researchers. However, the only drawback is that Hubbert's model is only suitable for predicting oil production in a country, and it has a large error when applied to the global scale.

In Kuwait, according to scientists to avoid error, a new study respectively of 47 major oil-producing countries to the global oil production conducted separate modeling, and specifically to accounting for almost 35% of global oil production organization of the petroleum exporting countries (Opec) members and other data to distinguish a producer, thus obtained the global oil production will peak in 2014. They plan to refine the model by further updating the data, as the study takes into account the impact of technological change, policy changes, economic conditions and the share of renewable energy in the oil industry.

Researchers have used this model to conclude that world oil production has peaked; Earlier, a group of Swiss researchers suggested that the limit to global oil production would come sometime between 2008 and 2018. Other researchers claim that a sustained decline in yields is at least decades away. However, the researchers agree on one thing: oil is a valuable and non-renewable resource, and while there is enough oil to meet human demand now and for years to come, increasing production will be "mission impossible." There will inevitably be a peak in world oil production.