IEA admits fields are depleting - Peak Oil adherents have said so for several years.

The IEA says the world needs four new Saudi Arabias.

NVDL: As far as I know, Christopher Columbius and the guys have basically found all the countries out there and there's only one Saudi Arabia...

clipped from business.timesonline.co.uk Global oil production stands at about 85million barrels per day. Saudi Arabia is the world's largest producer: it pumped an estimated 9.4million barrels per day during October. He said that in non-Opec countries, such as the United States, Britain and Mexico, depletion rates averaged 10 to 11 per cent a year. The average across the 13 member countries of the Opec cartel, which produces 40 per cent of the world's oil, was lower, at about 2 to 3 per cent. Dr Birol also emphasised that the twin challenges of meeting surging global demand for energy while dealing with the threat of catastrophic climate change would require “a global energy revolution” over the next few years.