An assessment of the world鈥檚 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鈥檚 chief economist, told the Independent that the answer was 鈥渢o leave oil before it leaves us鈥�. 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%.

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