Peak Energy: More On The IEA Report - 0 views
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Energy Net on 09 Nov 08The forthcoming IEA report continues to generate plenty of advance press. It seems some of the production decline numbers that generated so much initial chatter are actually for already declining fields - not ones growing or holding steady, so they don't really mean all that much (its the average across all fields that really counts, which may still be around the 4.5% figure CERA predicts). MSN - IEA sees oil above $100, recognizes supply limit. The world will have to live with the risk of an energy supply crunch and an oil price well above $100 a barrel in the years to come, the International Energy Agency (IEA) said on Thursday. Massive investment of more than $26 trillion will be needed in the next 20 years to offset the impact of falling supply at aging oilfields and ensure the world has enough energy, the IEA said. "There remains a real risk that under-investment will cause an oil supply crunch (by 2015)," the IEA said in an executive summary of the World Energy Outlook (WEO) to be released in full next week. "The gap now evident between what is currently being built and what will be needed to keep pace with demand is set to widen sharply after 2010."