Middle East Economic Survey

VOL. LI

No 46

17-Nov-2008

IEA Sounds Alarm Over Field Decline Rates

Accelerating field decline rates present a growing and under-acknowledged challenge to the oil industry as it struggles to meet global energy needs over the next 20 years, warns OECD energy watchdog the International Energy Agency (IEA) in its latest annual World Energy Outlook (WEO).

Under the IEAs reference scenario, world oil demand will rise from 85mn b/d at present to 106mn b/d in 2030, said the ...