The fast decline of fields – especially in the North Sea and Mexico where production is shrinking by more than 20 per cent each year – means that 14.8m of the 16m barrels of new supply from non-Opec countries over the next five years will go to making up for losses from old fields producing less and less each year.
The Oil Drum: Europe | Countdown to $200 oil: International Energy Agency says current prices justified!
IEA warns of tightening oil supplies
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