While it's not surprising to those of us who have been looking at the Peak Oil idea closely, an OPEC official admitted publicly today that 1) there is a production limit and 2) that we are rapidly approaching it.

Here's the money quote:

"The Organization of Petroleum Exporting Countries is running out of spare production capacity, Venezuelan Oil Minister Rafael Ramirez said Tuesday.

"OPEC's production capacity is reaching its limit," Ramirez told reporters, adding that it is too early for OPEC to decide on a possible half-million barrel per day production increase."

Again, not all that revolutionary or insightful...but still, public acknowledgment that the MSM should be making more widely known than they are. Dumbasses. Please, please wake up.

Here's a link: Venezuela Official Comments on OPEC

Technorati tags: peak oil, OPEC, Venezuela