Oil depletion

IEA: Six New Saudi Arabias Required

in Non-Renewable Energy by

The World Energy Outlook 2008 (WEO2008) was released last week, and it contains updated studies and forecast from the International Energy Agency (IEA). One of their conclusions is that six new Saudi-Arabias is required until 2030, corresponding to 64 million barrels per day, to meet demand and counter decline. Also, they see increasing average decline rates of world oil production, mostly due to a switch to smaller fields as the old giants mature. This report signalizes that IEA begins to see more and more challenges with future oil supply.

Some of the key graphs from WEO2008 can be found here: Download PDF

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