Global oil availability has peaked - EU energy chief

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Getty Images)

(Getty Images)

The availability of oil worldwide has already peaked, the European Union's energy chief Guenther Oettinger said on Wednesday.

"My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked," Oettinger told a news briefing in Brussels.

He was presenting a new EU energy strategy for investing 1 trillion euros over the next decade in a common EU energy network, to curb the bloc's dependence on fossil fuel imports.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia considers its own nuclear options after Iran deal

Saudi Arabia considers its own nuclear options after Iran deal

Kingdom is engaged in a contest for power with the Islamic republic...

How should Iran spend $100bn windfall?

How should Iran spend $100bn windfall?

It sounds like a pleasant problem to have but it is one of several...

Kuwait mosque attack shows Gulf vulnerability to ISIL

Kuwait mosque attack shows Gulf vulnerability to ISIL

ISIL is adept at exploiting vulnerabilities with its violently...

Most Discussed