IEA Flags Energy Security Risk as Production Drops at Existing Oil, Gas Fields
A new report released by the International Energy Agency shows that if current oil production levels aren’t maintained, the world could face heightened energy security risks. The agency determined that the rate at which outputs of oil and gas fields were reducing over time had substantially quickened around the globe. It argues that this is primarily because of increased reliance on shale formations and deep-sea oilfields, suggesting that producers will have to work significantly harder to keep production at present levels. These developments come as the dialogue concerning the future of oil and gas frequently emphasizes consumption patterns, while the…