Is the world running out of oil?

Peak oil theory is that any oil field will increase output every year until it hits a peak, a turning point from which output declines until the field is exhausted. Once a field has peaked, it is impossible to increase output.

Official projections from the likes of the US Department of Energy and the International Energy Agency forecast demand for oil to rise to between 116 and 120 million barrels of oil per day.

Oil production, however, seems to have stalled at about 85 million barrels per day. Despite record high oil prices, output is not increasing. Is this because we have hit peak global oil?

Max Keiser sets out on a journey to discover the answer. He also searches for answers to the question of whether it is possible to mitigate the effects of a sharp decline in global oil production.

Watch part one of this episode of People & Power on YouTube