Crunch!
Despite four years of high oil prices, this report sees increasing market tightness beyond 2010,” the IEA said. “It is possible that the supply crunch could be deferred, but not by much.
Well, that’s what the IEA are now saying.
There was a fair bit of reporting out there… but obviously important stuff like this has not hit mainstream news because Eastenders and Big Brother are even more important 
Anyway, reports from The Times, Reuters, and The Telegraph.
The IEA trimmed its forecast for supply from non-OPEC producers by 800,000 bpd in 2011, partly because of project delays, and touched on the thorny subject that oil supplies are nearing a peak.
“Certainly our forecast suggests that the non-OPEC, conventional crude component of global production appears, for now, to have reached an effective plateau, rather than a peak,” the report said.
Ahhh, I see, a Plateau ehhh One I seriously doubt will lead into a substantial upward climb again.
2007 Jul 10 Gavin
Interesting timing by the BBC for this Friday Play on BBC Radio 4 (on Friday 13th)
Meanwhile, bloody economists sprouting nonsense at The Times Online.
Of course things run out if there’s a finite supply of the stuff (or if the rate of replacement far exceeds the rate of usage).
I’m sure they mean that they don’t run out for those that matter. Demand destruction continues apace in Africa.
A market was once defined by the Australian writer Ted Trainer as “an ingenious device for ensuring that when things become scarce only the rich can get them”. How true.