An assessment of the world’s major oil fields by the International Energy Agency warns that production is likely to peak in 10 years, about a decade sooner than expected

According to the energy forum, the world is facing a catastrophic energy crunch. Dr Fatih Birol, the IEA’s chief economist, told the Independent that the answer was “to leave oil before it leaves us”. The IEA has estimated that oil production in existing fields has declined by 6.7% a year, compared with its 2007 estimate of 3.7%.