courtesy Mustang Engineering

The oil industry will have to produce 30 million barrels per day more by 2015 to avoid an oil-supply shortfall, the International Energy Agency said in its report 2008 World Energy Outlook on Wednesday.

To the surprise of some observers, the price of oil fell farther below the $60 mark on the report’s airing. The shortest contracts went for $58.25 by lunchtime in London.

After its London release, the IEA is launching the report in a number oil capitals, with each launch targeting a key non-Opec oil region. Scandoil.com affiliate Scandinavian Oil-Gas Magazine has agreed to meet the report’s authors at the weekend.

The IEA still sees Opec fielding the burden of production for dominating low-cost production areas.

Meanwhile Oil has peaked in most areas outside Opec. In it’s 2008 Outlook, the IEA said the average rate of decline at 800 of the world’s oilfields will increase to 8.6 percent in 2030, up 1.9 percent from today’s rates.