Europe could face oil shortage in a decade, the study warns | Business

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Europe could face a shortage of oil in the coming decade, the transition to the increased use of low carbon energy even more urgent, according to a new report.The study warned that the oil production may fall faster than the EU’s reliance on fossil fuels, increasing the risk of a looming oil supply crisis and severe market price shock.

The report of the Shift Project, a French climate of reflection, said the risk of reaching a “peak oil supply” in advance of major economies have made the transition to clean energy sources is “an additional compelling reason for the design of a world without oil.”

The analysis was based on data from Norwegian consultancy Rystad Energy, which has found that oil production in Russia and the former USSR, which provide over 40% of the EU’s oil supply, is already entered into “a systematic decline that would exceed the speed at which the european UNION has reduced its use of oil over the last 10 years.

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