Global Oil Availability Has Peaked : EU Energy Chief

By Reuters

12 November, 2010

Reuters

This graph is from IEA World Energy Outlook 2010

Nov 10 (Reuters) - The availability of oil worldwide has already peaked, the European Union's energy chief Guenther Oettinger said on Wednesday.

"My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked," Oettinger told a news briefing in Brussels.

He was presenting a new EU energy strategy for investing 1 trillion euros over the next decade in a common EU energy network, to curb the bloc's dependence on fossil fuel imports.

(Reporting by Charlie Dunmore, editing by Rex Merrifield)







