IEA: Oil Output Falling 9.1 Percent a Year
Posted on: Wednesday, 29 October 2008, 15:00 CDT
The International Energy Agency said in Paris a "significant" investment would be needed to maintain current levels of oil production.
Global production is currently falling at a rate of 9.1 percent a year, the agency's World Energy Outlook said, The Financial Times reported Wednesday.
"The future rate of decline in output from producing oilfields as they mature is the single most important determinant of the amount of new capacity that will need to be built globally to meet demand," the report says.
The report says, "a significant increase in future investments (will be needed) just to maintain the current level of production."
Demand from emerging markets alone would require an annual investment of $360 billion until 2030, the report said.
Source: United Press International
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