IEA official Shift in peak prediction to about 5 years

11.48.28am GMT Tue 10th Jul 2007

John Hemming MP has called upon the government to review its prediction for the peak of global oil supplies in a written parliamentary question following the IEA's recent Medium Term Oil Market Report.

The International Energy Agency has shifted its prediction as to when oil production will peak to 5 years from now where they expect a plateau. Previously they predicted 2030 and then brought forward an alternative low investment prediction of 2015.

John Hemming MP, Chairman of the All Party Parliamentary Group on Peak Oil, said: "This is a significant shift that brings together many of the predictions. Importantly it recognises that we will face physically constrained global supply in the next parliament. Much that a week is a long time in politics the government does need to recognise what is happening and produce a policy response. They need to review their own prediction which was last announced as 2030."

"The APPG is holding a meeting to look at oil production on the evening of 24th July 2007 in the Houses of Parliament."