Oil monitoring body warns demand outstripping supply

An international organisation overseeing the state of the oil industry says the world is very near the point where oil cannot be extracted fast enough to meet demand.

The Association for the Study of Peak Oil and Gas based in Sweden has launched a branch in Australia.
Association president Professor Kjell Aleklett says 54 out of the 65 major oil producing countries have already reached their peak production levels and supply could fail to meet demand between 2010 and 2020.

“We personally think that 2010 is more likely than 2020 but when it comes to planning of energy issues, energy in the future and so on, this is a very short time and we must act now,” he said.

ABC