IEA refutes 'peak oil', points to lack of investment

Insufficient investment, political instability and blocked access to key oil and gas reserves have distorted the global fossil fuel market and driven up prices, according to the International Energy Agency, which has downplayed concerns about imminent oil shortages.For many oil companies, buying oil on increasingly volatile and expensive global crude markets is less risky than investing in new extraction facilities, the International Energy Agency's (IEA) William Ramsay said on 31 January in ...

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