IEA Sees Looming Peak in Oil Production
PARIS/LONDON - Global oil supplies will come close to a peak by 2035 when oil prices will exceed $200 a barrel, the International Energy Agency said on Tuesday, as China and other emerging economies drive demand higher.
The IEA, in its 2010 World Energy Outlook, said conventional crude oil output had already peaked and would flatten out in the next 10 years, boosting reliance on costlier and more polluting unconventional sources such as oil sands.
"Production in total does not peak before 2035, though it comes close to doing so," the IEA said in the executive summary of the report. That projection was according to the report's central case, the New Policies scenario.
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