IEA: Washington made us fudge oil data

The Guardian reports:

[A] senior [International Energy Agency] official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves.

Washington's motive, apparently, is to prevent panic in the markets when traders realise the world has much less oil than we've been told.

The accusation may appear dramatic, but the Guardian's piece is not actually saying anything that wasn't already in the public domain.

Warnings about declining supply and the theory of Peak Oil, have been around for decades, and the IEA's estimates have long been regarded with scepticism.