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A recent report released by the United States Joint Forces Command said that by 2012, the global oil production capacity will completely disappear. By 2015, there will be a serious shortage of oil and the shortage will reach nearly 10 million barrels per day. The energy crisis will trigger major economic and political turmoil. The article stated that the reason why the U.S. military is concerned about the oil issue is that it is the world's largest single oil user and its future oil supply is of vital importance.
The report pointed out that it is difficult to accurately predict what kind of economic, political and strategic impact the oil shortage will cause, but the growth expectations of both developing and developed countries will be weakened, and such economic slowdown will further aggravate other Problems that have not been resolved will allow the fragile countries to further collapse, and they will also have serious economic impact on China and India.
In fact, warnings have long been issued around the world. Once oil demand exceeds supply, oil production will decline. This warning by the US military made people realize that the oil issue has turned from a distant threat into a more urgent crisis. The Paris-based International Energy Agency still confidently stated that there will be no risk of oil shortage in the near future, but some senior officials admitted in private that there was considerable disagreement within the IEA about this optimism. Swetnam, the oil consultant to the Obama administration, also believes that if no additional investment is made, world oil production will decline from 2011 to 2015.