Given the accelerated decline in hydrocarbon production rates, a new report from the International Energy Agency (IEA) has warned about the supply risks that output drops carry, as ignoring them has the potential to undermine energy security, market stability, and emissions reduction aspirations, with a global energy shortfall as a potential outcome.

While calling for a shift in global energy discourse to balance supply-side risks with demand-side trends, the IEA’s ‘ Implications of Oil and Gas Field Decline Rates ’ report points out that ignoring the fall in production volumes, which has significantly accelerated globally, largely due to higher reliance on shale and deep offshore resources, represents a threat to global markets and energy security.