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Response from Ian Cronshaw, head of the IEA energy diversification division

November 12, 2009

I can only assume you have not read last year’s World Energy Outlook. In it we thoroughly analysed depletion rates at existing oil fields, concluding that at least 40-45 mb/d new oil output was needed to 2030, just to offset depletion from existing fields, let alone allow for increasing demand from non OECD countries.  This is four times the output of Saudi Arabia.  At the time we were criticised for being too alarmist, by the same press who write this.

The era of cheap oil is over, we have been saying this for some time.

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