What is Peak Oil?

The concept of "Peak Oil" gained attention through M. King Hubbert's 1956 theory predicting a production peak around 2000. While global oil output reached 96.4 million barrels/day in 2023, advancements like fracking have extended reserves. Renewable energy, now over 30% of global electricity, and electric vehicles are reducing fossil fuel reliance. The IEA forecasts peak fossil fuel demand by 2030, but transitioning entirely to clean energy faces challenges in key industries like aviation and steel. Climate action and reliable energy are compatible goals, with innovation and public-private partnerships critical to a sustainable future.