The IEA On Peak Oil  

``There is no shortage of oil and gas in the ground, but quenching the world's thirst for them will call for major investment in modern technologies,'' IEA Executive Director Claude Mandil said in a statement. ``The hydrocarbon resources in place around the world are sufficiently abundant to sustain likely growth in the global energy system for the foreseeable future''. ``The doomsayers are again conveying grim messages through the front pages of major newspapers. '' (Bloomberg Sept 2005)

"Big oil companies like Exxon, Shell, BP or Total have a serious problem: their targets are getting scarce. The main problem for security of supply is that the world will be increasingly dependent on a shrinking number of countries. If, in addition, they cannot invest for various reasons, the war in Iraq, political or administrative brakes in Iran, we go towards big problems." (Claude Mandil, interview Le Monde, July 11th 2007)"

"What we are saying is we could have a supply crunch to 2015 if we do not see enough investments coming to the markets, if we do not see production growing at a level to compensate the declines and meet the demand, and if the oil demand growth is not dampened in the OECD countries, China and India." (Fatih Birol, chief economist IEA November 2007)

We are on the brink of a new energy order. Over the next few decades, our reserves of oil will start to run out and it is imperative that governments in both producing and consuming nations prepare now for that time. We should not cling to crude down to the last drop – we should leave oil before it leaves us. That means new approaches must be found soon.(Fatih Birol, opinion article in The Independent, March 2 2008)