Overview: Peak oil refers to the maximum rate of global oil extraction prior to its inevitable decline due to either depletion of the resource or falling demand. The peak oil discussion is not about completely “running out” of oil; that will never happen. But the phrase “peak oil” also refers to a debate that reached its own peak 20 years ago—a debate about when global oil production would hit its maximum rate and start to fall. Oil company executives, who in the past tended to dismiss the peak oil discussion, are now openly talking about a near-term shale peak. Most new production has been from tight oil, oil sands in Canada, and deepwater oil in Brazil.