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Peak Oil is You


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Page added on October 31, 2008

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For lack of a better word, wow.

Oct. 29 (Bloomberg) — Global crude-oil output is falling faster than expected, leaving producers struggling to meet demand without extra investment, the Financial Times said, citing a draft of an International Energy Agency report. Annual production is set to drop by 9.1 percent in the absence of additional investment, according to the draft of the agency’s World Energy Outlook
obtained by the newspaper, the FT reported. Even with investment, output will slide by 6.4 percent a year, it said.


The shortfall will become more acute as prices fall and investment decisions are delayed, the newspaper said. The IEA forecasts that the rising consumption of China, India and other developing nations requires investments of $360 billion a year until 2030, it said.
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