Peak oil nears – International Energy Agency

The world will have to find four Saudi Arabias by 2030 if it wants to maintain its oil dependency, the International Energy Agency says.

The reality of peak oil is fast approaching, and more must be done to develop and encourage the use of alternatives including solar and nuclear, the agency’s chief economist has warned.

“My main motto never changes, the era of low oil prices is over,” Dr Fatih Birol told AAP.

“When the economy recovers, oil prices will recover accordingly. Mid to long term, we will be experiencing high prices.”

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