Enough oil to go around?

The Financial Times reports this morning that output from the world's oilfields is declining faster than previously thought. According to the report by the International Energy Agency, the world will struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and meet long-term demand. It states that the demand, not just the supply, will move away from the US, Europe and Japan, towards emerging nations.

Here is the article in full.