Struggle to close the supply gap now oil production in decline says report

Global oil production peaked in 2006, finds a new analysis by the Germany-based independent Energy Watch Group (EWG). Production is beginning to decline at a rate of several per cent per year. By 2020 and even more by 2030, world-wide oil supply will be dramatically lower, says EWG's report. This makes it difficult for other fossil fuels, nuclear and renewable energies to close the supply gap in time. The report contradicts scenarios by the International Energy Agency which suggest oil supply will grow for decades to come. The EWG outlook does not rely primarily on reserve data, but on production data which, it claims, is more reliable. Hans-Josef Fell, a member of the German parliament, says: "The message by the IEA, namely that business as usual will also be possible in future, sends a diffusing signal to the markets and blocks investments in already available clean energy technologies."

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