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According to the International Energy Association (IEA) 2010 annual report, production of conventional crude oil topped out in 2006 at approximately 70 million barrels a day. By its estimation, currently producing oil fields are in sharp decline, however, in combination with oil fields yet to be developed and yet to be discovered, production will be at an “undulating plateau” of about 68 million barrels a day until, at least, 2035.
A combination of all these sources of oil in addition to natural gas liquids and unconventional oil will lead to a steady increase in production until, at least, 2035.
Increased demand from China and other developing nations will put an increased strain on global supply of conventional and non-conventional oil, leading to an overall rise in price per barrel over the coming decades.
The New York Times published an excellent article distilling the results of the 2010 report.
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