Take an oil price over $40 – then quadruple it

This week there was a Peak Oil conference in Berlin, a gathering of worrywarts wearing metaphorical “we are doomed” placards.

One unusual attendee was Fatih Birol, the chief economist of the International Energy Agency, who gave a speech saying that everything is fine, before admitting afterwards to a BBC reporter that everything is not. “This is not for the press,” he said, after blurting out that the Saudis need to increase supply by 3m barrels a day to avert an oil crisis by the end of the year.

UK Telegraph Group