iea

Not only has the International Energy Agency (IEA) shown that oil extraction peaked in 2007/08, but a whistle blower has now come forward to say that the number of existing and "future" reserves have been overstated to prevent panic.

According to a news report in the Guardian, this senior official at the IEA says that the United States played a big role in influencing the IEA to de-emphasize the rate of decline and overstate the number of new reserves likely to be found.  This comes as a refutation to the IEA's new World Energy Outlook publication that released on the 10th.

The official prediction is that oil production can be increased to 105 million barrels daily from the current 83 million.  Many critics question this, saying we passed peak production in 2007/08 at 87 million/day.  This huge 105m prediction is a lower number than that given a few years ago at an unbelievable 120m by 2030.  The optimistic numbers are despite the fact that the past two years have shown lower, not higher production rates.