IEA warns of energy crisis

(06 Sep 2009)

In a detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, the International Energy Agency has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now 6.7% per annum compared to a 3.7% decline in 2007.

This presents a risk of rapidly rising oil prices when demand recovers and is a threat to global economic recovery in the opinion of the IEA.


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