Oil Production of Some Declining Regions, 1973-2016

Oil Production of Some Declining Regions, 1973-2016

Source: EIA, Table 11.1b. Penmex Statistical Yearbook, North Sea is Norway, Denmark and the UK.

Several oil fields around the world have experienced a decline due to a gradual exhaustion of their reserves. The Third Oil Shock (2003-2008) corresponded to the joint decline in the production of several regions in the western hemisphere, particularly the North Sea (supplying Europe) and Mexico (supplying the United States). For the United States, a decline in production has been ongoing since the early 1970s when peak production was reached. However, the exploitation of shale oil resourcesin the United States resulted in a remarkable reversal from 2009 with a surge in domestic production.