Peak Oil likley to occur within the next decade

In an interview with the Independent newspaper, Dr Fatih Birol, the Chief Economist at the International Energy Agency (IEA) in Paris, has warned that most governments and members of the public underestimate the rate at which the world's oil supplies are running out. Dr Birol suggested that global production is likely to peak in around ten years - a decade earlier than most governments predict. In addition, Dr Birol highlighted the very real danger of an 'oil-crunch' within the next five years which could have an adverse impact on potential recovery from the current global recession.

Dr Birol's comments are in keeping with sustainable security analysis, which highlights competition over resources as one of the key threats to global security. "One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day," Dr Birol said. "The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously."