Wednesday, November 11, 2009
From a story by Hilary Whiteman on CNN:London, England (CNN) -- The International Energy Agency has rejected reported allegations from a whistleblower that world oil reserves have been exaggerated to avoid panic buying in the oil market.
A senior source within the IEA is reported to have told The Guardian newspaper that many within the agency believe the body's prediction for oil supplies "is much higher than can be justified."
In its annual outlook released on Tuesday, the IEA repeated its prediction that oil supplies would rise to 105 million barrels by 2030 under current government policy.
"We're the ones that are out there warning that the oil and gas is running out in the most authoritative manner. But we don't see it happening as quickly as some of the peak oil theorists," Richard Jones, deputy executive director of the IEA, told CNN.
"Generally, we're viewed as more pessimistic than we should be by the (oil) industry," he added.
The whistleblower, who reportedly refused to be identified for fear of reprisals, told the newspaper that: "Many inside the organization believe that maintaining oil supplies at even 90 million 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."
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