New oil and gas projects may be necessary to maintain current production levels, the IEA said recently, as it is in a public feud with the Trump administration over its forecasts for lower demand.
The International Energy Agency said in a report that its analysis of 15,000 oil and gas fields showed that output was declining more rapidly than in the past, which has "implications for markets and energy security".
The Paris-based agency produces annual reports about energy trends and has forecasted that oil demand will peak by the end of the decade, which would have considerable implications for investment in further oil production.
The forecast, along with its implications for pledges by some governments to reach carbon neutrality, has drawn ire from the oil and gas industry.
The agency has also faced criticism over the past months from the administration of US President Donald Trump, with Energy Secretary Chris Wright threatening in July to pull out of the IEA if it did not reform how it operates.
