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Topic: Business
Number of pages / Number of words: 3 / 692
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It found that producers would face a steep path just to keep production from declining.

Part of the problem, the report found, was that decline rates at existing fields were accelerating, meaning that more oil needs to be found and produced to keep global production from falling.

According to the report, in order to offset both natural field declines and meet the projected growth in demand by 2030, the world would need to increase production by 64 million barrels a day, or the equivalent of six times the current production of Saudi Arabia...

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That would push global temperatures up by as much as 11 degrees Fahrenheit, leading to catastrophic global warming, the agency said.

“Current global trends in energy supply and consumption are patently unsustainable — environmentally, economically, and socially,” the energy agency said. “But that can — and must — be altered...

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