Has oil peaked?
That’s the scary question posed in this opinion from Saadallah Al Faithi, former head of Energy Studies Department at OPEC Secretariat in Vienna. The International Energy Agency publishes an annual report called World Energy Outlook, which offers the best available long-term predictions for oil and energy. According to the IEA, 2/3 of oil in 2030 will need to be produced from oil fields which…currently don’t even exist. According to al-Faithi, “sustained investment is needed mainly to combat the decline in output at existing fields, which will drop by almost two-thirds by 2030?.
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