Long-term oil prices, 1861-2007 (top line adjusted for inflation):
Gas coupon printed but not used in 1973 oil crisis:
World consumption of primary energy by energy type in terawatts (TW), 1965-2005:
IEA doesn't see peak oil by 2030
But energy group warns of under-investment
By Steve Goldstein, MarketWatch
Nov. 12, 2008
The International Energy Agency on Wednesday dismissed fears about peak oil, but the group said under-investment could lead to production troubles.
The IEA published the full report on its world energy outlook after releasing a summary last week.
"Although
global oil production is not expected to peak before 2030, conventional crude-oil production is projected to level off toward the end of the projection period," it said.
Canadian oil sands, extra heavy oil, gas-to-liquids and coal-to-liquids will have to make up the difference.
But it warned that OPEC countries will need to step up their investment campaign.
Some 64 million barrels of oil equivalent a day of additional gross capacity, the equivalent of six times the amount Saudi Arabia produces today, must be brought on stream from 2007 to 2030, with about half needed by 2015.
"Capacity additions from current projects tail off after 2010," the Paris-based agency said. "This largely reflects the upstream development cycle: Many new projects will undoubtedly be sanctioned in the near term as oil companies complete existing projects and move on to new ones. But the gap now evident between what is currently being built and what will be needed to keep pace with demand is set to widen sharply after 2010."
In all, it's estimating $26 trillion in cumulative investment between 2007 and 2030.
As it said last week,
the IEA expects world primary-energy demand to grow an average of 1.6% per year between 2006 and 2030, an increase of 45%. 
World oil supply is projected to rise to 106 million barrels a day in 2030 from 84 million in 2007, with the bulk of the increase expected to come from members of the Organization of Petroleum Exporting Countries.