Could we have too much oil by the end of the decade?

In his recent study ‘Global Oil Production is Surging: Implications for Prices, Geopolitics, and the Environment’ published by the Belfer Centre of Science and International Affairs, Harvard University, Leonardo Maugeri has challenged conventional thinking on worldwide oil resources and rate of depletion. In this edited version of the Executive Summary, he argues that oil production capacity is surging in the US and several other countries at such a rapid rate that global oil output capacity is likely to grow by nearly 20% by 2020 which could prompt a plunge or even a collapse in oil prices.