World Oil Supplies Declining Faster Than Expected - IEA

Source:

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.

We have temporarily dodged a bullet. 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 only thing making things marginally less calamitous? The current downturn-induced demand collapse has given us a little more time to prepare for the inevitable.

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.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe