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Wed 10 Nov 2010 04:03 PM

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Global oil availability has peaked - EU energy chief

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

Global oil availability has peaked - EU energy chief
(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.