IEA ‘Whistleblower’ Says Peak Level Close

9 November 2009 (Last Updated November 9th, 2009 18:30)

The world is closer to running out of oil than official estimates show, according to an unidentified member of the International Energy Agency (IEA). The 'whistleblower', cited in UK newspaper The Guardian, said the rate of decline from existing oil fields had been underplayed.<

The world is closer to running out of oil than official estimates show, according to an unidentified member of the International Energy Agency (IEA).

The 'whistleblower', cited in UK newspaper The Guardian, said the rate of decline from existing oil fields had been underplayed.

"Many inside the organisation believe that maintaining oil supplies at even 90 to 95 million barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further," the paper quoted the IEA source as saying.

The IEA is scheduled to release its world energy outlook today.

The IEA said on 9 November that peak oil critics had often wrongly questioned the accuracy of its figures, The Guardian reported.