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IEA Disavows FT Report on Declining Oil Production


International
Energy
Agency

IEA Statement on Unauthorised Press Coverage of World Energy Outlook 2008

The Financial Times carried a cover page article this morning and a second article on page 4 allegedly reporting on the findings of the forthcoming WEO 2008. This article was drafted without any consultation with the IEA. It appears to be based on an early version of a draft from several months ago that was subsequently revised and updated. The numbers in the article can be misleading and should not be quoted or considered to be official IEA results. We are dismayed that such a comprehensive and important IEA report was made public without our input and verification.
The IEA will present the final and accurate results of the World Energy Outlook 2008 officially as planned at a press conference in London on 12 November. At that time, we will be happy to discuss the results and their implications for the global energy and climate in full detail.

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This entry was posted on Thursday, October 30th, 2008 at 9:06 pm and is filed under Peak Oil, oil supply. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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7 responses so far ↓

  • 1 ks // Oct 31, 2008 at 2:52 am

    Jim,
    You might find this interesting. Opinion A is by Chris Skrebowski. Published on the 29th, I believe.

    http://peakoil.solarcentury.com/wp-content/uploads/2008/10/oil-report-final.pdf

  • 2 jimb // Oct 31, 2008 at 5:45 am

    Notice they didn’t deny it. Besides, even if they revise the 9.1% figure to “just” 8%, that’s still a shit-your-pants number.

  • 3 hugh owens // Oct 31, 2008 at 7:29 am

    I spotted and posted these stunning numbers “leaked” from the FT. The 9.1 number was with no investment for the next 22 years. The 6.4% decline in crude production was with 360 Billion/year for the next 22 YEARS! Where will the world get 360 Billion is anybody’s guess as we enter a deflationary D________n. Ooops..REcession!
    cal48koho.blogspot.com

  • 4 Isaac // Oct 31, 2008 at 10:08 am

    ks- thanks for the link to the UK report. It reinforces the idea that only a massive energy technology sector buildout will help ameliorate severe energy shortages. Although I’m a big believer in “the market”, I’m ready for a New “energy” Deal from the government. Time to divert money from military, and medicare spending.

  • 5 robert essian // Oct 31, 2008 at 4:34 pm

    Matt Simmons asked a crowded room of experts in the energy industry who thinks fields are declining at 5% no hands were raised. 6% same thing, more than 7% and the hands went in the air. We are heading for some real trouble.

    Lets hope we move on this in the first 100 days then quickly forward.

    KS, diddo on that report…Peace

  • 6 robert essian // Oct 31, 2008 at 4:37 pm

    Forgot, so one more thing. OPEC lowered production 1.5 mbd and looks to be that no one is cheating. Huge message to all of us plus they will cut again before there next meeting and the world will have to grim and bear it.

    Oil stocks are looking cheaper and cheaper.

  • 7 kss // Nov 1, 2008 at 5:52 am

    On the 360 billion a year figure: I don’t know how steep that is because I don’t know what invest has been, say, over the last ten years. I poked around but didn’t find anything useful. Anyone have any idea?

    And if OPEC is raising prices, to effectively keep a floor, isn’t that a good thing, at least with respect to prompting change and investment (I know it hurts the economy)? I would rather the US institute a tax — say at 80 or 100 — but that apparently isn’t happening.

    Thanks th H.Owens for passing along the initial FT articles.

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