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I don't see how people can claim we've reached a peak in the production of oil when most of the planet has yet to be explored. Wouldn't it seem more likely that we have reached an end to the cheap oil that practically bubbles to the surface but that there is still plenty of $200+ oil left to be found? Just look at what Petrobras is doing with ultra deep water drilling and then realize that this sort of exploration is only in it's infancy. They say the U.S.A has reached it's peak but then something like 80%+ of their coast is off limits for exploration so who is to say there aren't massive new fields waiting to be found when the price is right.
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