"in, entering, or have past a point in which oil production is in terminal decline."

Thanks for your reply, AP

It's a matter of definition (re oil production).
What is oil?

I certainly accept that although the evidence gets stronger with each passing month, the IEA could be proven wrong in its assertion that conventional oil is unlikely to surpass its 2006 peak of around 74-75 mbpd. There is plenty of evidence that this plateau was reached in 05, even as early as late 2004, but there is little to be gained by haggling over minor details.

Meanwhile, there is no evidence that global all-liquids production has peaked: we are now near 90 mbpd and there is nothing to indicate a peak (much less a subsequent decline).
I have no idea what the global all-liquids peak might eventually be, nor when such a peak/plateau might occur, but I do believe that it will be very problematic when it does occur.

What does seem clear is this: conventional oil production has been stalled for a worrisome length of time. depletion of the very large oil-fields (which provide most of our liquid fuel supply) is ongoing, perhaps accelerating, and new sources of liquid fuels (ie. deep-water pre-salt, shale oil, etc) are both more energy-intensive and more capital-intensive.

Both of these trends are consistent with the warnings that peak oil analysts have been arguing for many years.