Study: World oil forecast beset with reserves shortfalls

The world is facing a future of steep oil price increases that will occur sooner than many people now believe, concludes Canterbury, England-based energy analysts Douglas-Westwood Ltd. in the third edition (2004-50) of its World Oil Supply Report published Mar. 31.Leading to that judgment are three fundamental findings study author Michael R. Smith of EnergyFiles Ltd. said were "strongly evident" from the study: increasing oil demand coupled with falling reserves and a decline in discovery rates.Dwindling oil supplyThe unprecedented rate of global oil reserves drawdown will be a major factor, Smith said. Although 99 countries have or can produce significant volumes of oil, 52, including ...

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