Global oil availability has peaked - EU energy chief

'My fear is that the global consumption of oil is going to increase' - Guenther Oettinger

(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.

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