World Oil Supplies Declining Faster Than Expected - IEA
Source: Seeking Alpha, Paul Kedrosky (10/29/08)
The upcoming IEA World Energy Report will say that global oil supplies are falling faster than expected, and massive investments are required just to (almost) stand still...the annual rate of output decline is 6.4 percent.
Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent, the International Energy Agency says in its annual report, the World Energy Outlook, a draft of which has been obtained by the Financial Times.
…The agency says even with investment, the annual rate of output decline is 6.4 percent.