Production at the world's oil fields will decline faster in coming years, putting more pressure on future oil supplies, the International Energy Agency said on Wednesday.
As current fields fade with age and the industry moves offshore and into smaller fields, decline rates will accelerate, the agency found, and more investment will be required to make up the shortfall.
This is a very bad indicator that if the USA is on the road to recovery, the biggest obstacle is still oil consumption. Reinvestment in alternative energies will not be viable within 8 years, therefore drop in production will spur oil prices when supply cannot cope with demand in 3 years. This will hinder Obama's recovery plan.
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