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IEA reviews reliance on USGS resource estimates

[Excerpt]: IEA chief economist Fatih Birol has told lastoilshock.com that the agency will review its use of resource estimates from the United States Geological Survey, in a move that seems certain to prompt a major downward revision of its long term oil production forecast.

 Amid a growing consensus that global oil production will peak by around the end of this decade, the International Energy Agency’s forecast that world output will reach 116 million barrels per day in 2030 has looked increasingly isolated, particularly now that its latest Medium Term Oil Market Report - produced by a separate forecasting team - predicts an oil “supply crunch” in 2012...

To listen to the interview with Fatih Birol, [go to the link at the bottom of the original article.]

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