Sarah Kent at the Wall Street Journal reports on the IEA’s concern that oil shortages are possible soon (just in time to run smack into “peak gas demand”?):
“Shale “is not enough by itself,” the IEA’s Mr. Birol said.
To meet rising demand and offset underlying declines, the industry needs to approve production of around 18 billion barrels of new resources each year between now and 2025, according to the IEA. If business doesn’t pick up this year, the volume of new conventional oil production that will need approval to keep pace with demand and offset underlying declines rises to just under 21 billion barrels a year.”
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