SYNDICATED NEWS
PHOTO CAPTION: IEA chief economist Dr. Fatih Birol is now warning oil production is likely peak in ten years.

IEA: Global Oil Production to Peak Around 2020

International Energy Agency reports the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago.

Published: 05-Aug-2009

The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.

Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.

In an interview with The Independent, Dr Birol said that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

Offshore oil platform on fire in the North Sea

Despite risks, new field discoveries have kept pace with declining oil reserve production, reports Reuters, but age of cheap oil is over.

NOAA satellite of Deepwater Horizon oil spill in Gulf of Mexico late April 2010.

What's left is hard to get at and risky to extract, as Deepwater Horizon blowout shows.

Dead oil-covered Northern Gannet found on Grand Isle, Louisiana beach 12 May 2010.

The lesson to learn from the oil spill it is that there must be no new offshore drilling. We must transform our energy system

READER COMMENTS

blog comments powered by Disqus