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The Low Carbon Economy Ltd

13 Nov 2009 12:11:09

Oil shortages 'underplayed by IEA'

Oil shortages 'underplayed by IEA'
An anonymous whistleblower from the International Energy Agency (IEA) has claimed the agency has downplayed the extent of a looming oil shortage.

The senior official alleged the energy watchdog was trying to appease the US after fearing the truth would trigger panic buying.

He claimed the agency had bowed to US pressure to underpay the decline in oil field numbers, when telling his story to the Guardian newspaper before the World Energy Outlook report was released on Tuesday (November 11th).

The agency was also said to have overplayed the possibility of finding new fields.

Figures released in the report estimated that oil production could reach 105 million barrels per day by 2030.

However, according to the whistleblower, many IEA members believe that maintaining supplies at 90 or 95 million barrels per day "seems impossible".

A second IEA source, who also wished to remain anonymous, revealed that the agency had a policy of not angering the US.

IEA predictions show that $26 trillion (£15.6 trillion) needs to be invested by 2030 for new energy projects to meet growing demand.

A further $10.5 trillion is estimated to be required to pay toward limiting greenhouse gas emissions.



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