[Peakoil] IEA warns: oil supplies are running out fast

[Antony Barry]

Well we can now say it's "official" The IEA is now panicking.


IEA warns: oil supplies are running out fast
from ASPO International | The Association for the Study of Peak Oil  
and Gas by Mikael Höök

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.

The International Energy Agency believes peak oil will come perhaps by  
2020. But it also believes that we are heading for an even earlier  
"oil crunch" because demand after 2010 is likely to exceed dwindling  
supplies.

Story at http://www.independent.co.uk/news/science/warning-oil-supplies-are-running-out-fast-1766585.html


Tony

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