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In page Petroleum:
"Peak oil is a term applied to the projection that future petroleum production, whether for individual oil wells, entire oil fields, whole countries, or worldwide production, will eventually peak and then decline at a similar rate to the rate of increase before the peak as these reserves are exhausted.[citation needed][1] The peak of oil discoveries was in 1965, and oil production per year has surpassed oil discoveries every year since 1980.[2] However, this does not mean that potential oil production has surpassed oil demand.
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