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Posted Tue Nov 10 2009: from Telegraph.co.uk:
World energy body 'exaggerated oil stocks under pressure from US' http://apocadocs.com/s.pl?1257861909
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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