A Breathtaking About-Face From the IEA on Oil Investments
Surveying the landscape of significant energy news each morning is a daily exercise for any energy-focused writer. It’s hard to write competently about energy unless you have a grasp on current events in that realm.
On Tuesday, one story’s headline almost leapt off the page as I was engaging in that daily task. That headline atop a story at industry trade publication Upstream Online reads, “Oilfield decline will hasten without $540 billion annual investment, says IEA.” In support of that thesis, International Energy Agency chief Fatih Birol says in a statement that, “Decline rates are the elephant in the room for any discussion of investment needs in oil and gas, and our new analysis shows that they have accelerated in recent years.”
Oh, you don’t say.
