Professor Kjell Aleklett has told the ABC Science Show that oil production peaked in 2008 and has been in decline since. He says that the reserves are there but the flow is lower than in the past.

Professor Aleklett, who is head of the Global Energy Systems group at Uppsala University in Sweden, also says the price spike in oil in July 2008 was the trigger for the Global Financial Crisis.

Click here to listen to the interview or  here to download it.