Well, well well ... Citicorp has just released a 23 page detailed analysis why peak oil may be dead. The report has a bunch of cool looking graphs that impress an amateur like me, but I would really like to hear some professional reactions to this report.  I certainly want to believe it's true and I copied the first few paragraphs below - the full report is 23 pages long.

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https://www.citigroupgeo.com/pdf/SEUNHGJJ.pdf

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Resurging North American Oil Production and the Death of the Peak Oil Hypothesis
The United States’ Long March Toward Energy Independence

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The concept of peak oil is being buried in North Dakota, which is now leading theUS to be the fastest growing oil producer in the world. The belief that global oilproduction has peaked, or is on the cusp of doing so, has underpinned much of crudeoil’s decade-long rally (setting aside the 2008 sell-off). The belief was bolstered by the repeated failure of supply to live up to the optimistic forecasts put forward by variousgovernmental and international energy agencies. The IEA, the industry benchmark,made a habit of putting forth forecasts for the coming year of big gains in non-OPECsupply, only to spend the next 18 months revising those forecasts lower.

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 That pattern looks set to change mainly because of the new shale oil plays in theUS. Production from these (and the associated liquids from shale gas plays) is rising sofast that total US oil production is surging, even as conventional oil production in Alaskaand California is continuing their structural decline, and Gulf of Mexico production isonly now emerging from its post-Macondo lull.
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We expect oil production in the US to surprise to the upside. We expect industry expectations to lag behind reality, just as they did with shale gas for many years.The rise in shale oil production is already materially impacting the oil markets as risingproduction out of the Bakken and the Eagle Ford and other plays are key drivers forWTI’s disconnect from Brent and the rest of the global crude complex and, without thisrise in production, US oil imports would be more than 1-m b/d higher. Bigger impactsare coming as shale oil production accelerates and we expect production to rise by 2-mb/d by 2020, if not more. There is the potential for a resumption of Gulf of Mexicoactivity to add another 1.7- to 2-m b/d to this, although declines in Alaska are expectedto continue. If political obstacles to shale oil development in California are overcome,another 1-m b/d could be added, too.

https://www.citigroupgeo.com/pdf/SEUNHGJJ.pdf