As of 2023, there is no consensus on whether global crude oil production has already peaked or not. Some projections, such as the International Energy Agency's (IEA) Net Zero Scenario, suggest that oil demand might have already peaked, assuming strong climate policies are implemented. However, other sources, like S&P Global Platts Analytics, project that the peak in oil demand will occur in the late 2030s. The exact timing of the peak in oil production is uncertain and depends on various factors, including economic conditions, geopolitical events, technological advancements, and climate policies.
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