The Happy Arab News Service




Tuesday, August 4, 2009




Can't wait for this to happen

Sun Aug 2

LONDON (AFP) – 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.

Birol said many governments appeared unaware that oil is running out faster than previously predicted, with global production likely to peak in about 10 years -- at least a decade earlier than most had estimated.

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The IEA, the energy monitoring and policy arm of the 30-nation Organisation for Economic Cooperation and Development, said last month that signs of a strong rally in global economic growth and oil demand were fading.

The IEA added however in its latest monthly report that there could be a dramatic turnaround for demand next year.

Source: AFP

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