Odac Warns of Global Shortage of Oil After 2007 Not Enough New Fields to Offset Declines

Summary

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THE world faces a global oil supply shortage after 2007, which would threaten economic growth, according to new research by the Oil Depletion Analysis Centre (Odac) which says that not enough major new fields will come on stream to offset declines.

"Our latest research confirms solidly our view that we cannot see any reasonable circumstances under which new supplies from expected mega oil projects could possibly meet world demand by 2008, " said a spokesman for Londonbased Odac.

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Extract

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Odac Warns of Global Shortage of Oil After 2007 Not Enough New Fields to Offset Declines

Chris Skrebowski, a board member of Odac, has analysed all planned oil field projects worldwide with reserves of more than 500 million barrels and concluded that, on current timetables, o...

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