Fatih Birol, head of International Energy Agency, said a dearth of investments can start hurting global oil supplies from the first part of the next decade as production at ageing fields falls amid robust energy consumption worldwide. “This growth in oil output is not enough to feel there will be enough production in the future because of two reasons,” Birol, IEA’s executive director, said at a press conference on the sidelines of the International Energy Forum conference in New Delhi today. “One, global oil demand is still growing very strongly. Second, some of the mature fields are in a decline.” He expects global crude oil demand to grow by 1.5 million barrels each day but added that the peak demand for oil is unlikely to be seen soon. “Every year, we are losing 3 million barrels per day and investments are not coming through,” Birol said. “In 2018, our […]