IEA official warns of shrinking oil supplies: Report
London, August 03: A disastrous energy crunch is looming because most of the major oil fields in the world have passed their peak production, a leading economist warned Monday.
Fatih Birol, chief economist with Paris-based International Energy Agency, said such an “oil crunch” within the next five years could jeopardise recovery from the global recession.
Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could derail the recovery, Birol said in an interview with The Independent newspaper.