Middle East Economic Survey

VOL. L

No 44

29-October-2007

SUPPLY/DEMAND

EWG Predicts Sharp Decline In Oil Output

German independent energy foundation Energy Watch Group (EWG) published findings on 22 October arguing that world oil production peaked in 2006, and is now set to decline at a rate of several per cent each year. The report Crude Oil The Supply Outlook is based on the controversial peak oil theory and says that the decline in oil supply will create a supply gap that cannot be closed by...