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Posted Tue Nov 10 2009: from
World energy body 'exaggerated oil stocks under pressure from US'
The International Energy Agency (IEA) has been underplaying the rate of decline at existing oil fields and overestimating the potential of new reserves to avoid panic buying, a senior official alleged. The agency last year claimed that oil production could be raised from its current rate of 83 million barrels a day to 105 million.... "Many inside the organisation 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," the newspaper quoted the whistle-blower as saying.
[Read more stories about: oil issues, peak oil, economic myopia]
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