- Credit Markets on Edge About When Fed Will Raise Rates
- Bove: Expect Goldman To Increase Dividend Meaningfully
- Bullish Sign for Gold: Central Banks Are Big Buyers
- Victoria's Secret Hopes to Rekindle Desire for Lingerie
- High Roller Sues Harrah's for Lost Millions
- Wall Street Jobs Slow to Return Despite Record Profits
- Big Shareholders Ask Goldman to Cut Bonuses: Report
- Buying an Expensive House? Government Can Help
- Review: What It's Like to Drive the New Chevy Volt
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Deep Discounts Should Make It a Very Tech-y Holiday
MOST SHARED
- Nielsen Ratings Coming to Video Games
- Confessions of a Black Friday Shopper
- The Week Ahead
- 'New Moon' Midnight Showings Earn Record $26.3 Million
- Time Lapse World Series Is A Great Play
- Oil Next Week
- Bove: Expect Goldman To Increase Dividend Meaningfully
- Hershey Mulls $17 Billion Bid for Cadbury: Source
- Twilight, Inc., A Worldwide Craze
Text Size 
The world is closer to a peak in oil supply than International Energy Agency estimates admit, UK newspaper The Guardian reported in its Tuesday edition, citing an unidentified "whistleblower" at the IEA.
The IEA, which advises 28 industrialized countries on energy policy, released its World Energy Outlook on Tuesday.
Its 2008 Outlook forecasts world oil supply will rise to 106 million barrels per day in 2030.
"Many inside the organization believe that maintaining oil supplies at even 90 million to 95 million barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further," the Guardian quoted the IEA source as saying.
 |
Fatih Birol, the IEA's chief economist, could not immediately be reached by Reuters for comment on the Guardian article, which appeared on the newspaper's front page.
While the Paris-based IEA has repeatedly warned that a lack of investment could lead to a strain on supply, it maintains that there is enough oil in the ground.
Its 2008 World Energy Outlook said global oil output was "not expected to peak before 2030."
The peak oil theory — that supply has reached or will soon reach a high point and then fall — has long been confined to the fringes of informed opinion within the industry.
There is also growing interest in peak demand, the view that oil supply will reach a high point because of policies to curb fuel use as part of efforts to counteract global warming, not a lack of supply.
- Technology can make or break a fortune in the world of alternative energy.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
- The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes