Watchdog warns on declining oilfield output: report

LONDON (Reuters) – Output from the world’s oilfields is declining faster than previously thought, the Financial Times reported on Wednesday, quoting from a draft International Energy Agency report it had obtained.

The newspaper said the watchdog’s annual World Energy Outlook report, which studied the biggest fields, showed that without extra investment to raise production, the natural annual rate of output decline was 9.1 percent.

The findings suggested the world would struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and to meet long-term demand, said the Financial Times.

It said the issue would become even more acute as prices fell and investment decisions were delayed.

Reuters