There is a "significant risk" that global production of conventional oil could "peak" and decline by 2020, a report has warned.
The UK Energy Research Council study says there is a consensus that the era of cheap oil is at an end.
But it warns that most governments, including the UK's, exhibit little concern about oil depletion.
The report's authors also state that the 10 largest oil producing fields in the world are all in decline.
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