IEA 'whistleblower' says peak oil nearing-Guardian

LONDON, Nov 9 (Reuters) - The world is closer to a peak in oil supply than International Energy Agency estimates admit, UK newspaper The Guardian reported in its Tuesday edition, citing an unidentified 'whistleblower' at the IEA.

The IEA, which advises 28 industrialised countries on energy policy, is scheduled to release its World Energy Outlook on Tuesday. It 2008 Outlook forecasts world oil supply will rise to 106 million barrels per day in 2030.

'Many inside the organisation believe that maintaining oil supplies at even 90 million to 95 million barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further,' the Guardian quoted the IEA source as saying.

Fatih Birol, the IEA's chief economist, could not immediately be reached by Reuters for comment on the Guardian article, which appeared on the newspaper's front page.

While the Paris-based IEA has repeatedly warned that a lack of investment could lead to a strain on supply, it maintains that there is enough oil in the ground.

Its 2008 World Energy Outlook said global oil output was 'not expected to peak before 2030.'

The peak oil theory -- that supply has reached or will soon reach a high point and then fall -- has long been confined to the fringes of informed opinion within the industry.

There is also growing interest in peak demand, the view that oil supply will reach a high point because of policies to curb fuel use as part of efforts to counteract global warming, not a lack of supply.

(Reporting by Alex Lawler; Editing by David Gregorio)

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LONDON, Nov 10 (Reuters) - Europe's banks are lobbying to delay new rules on trading capital requirements and have privately warned that hasty reforms could harm lending, the Financial Times reported on Tuesday, citing unidentified bankers.

The European Union's Capital Requirements Directive 3 will force banks to carry higher levels of capital to support risky trading activity and is currently set for implementation by the end of 2010, the FT said.

This is due to be debated as part of this week's meeting of European finance ministers, it added.

The FT said that according to banks, the ruling could trigger more than 200 billion euros ($300 billion) of capital raisings within a year as they struggle to comply with the new framework.

'Nobody's done a proper impact study on this. We're not out of recession yet in the UK. These rules should only be phased in after we've had three or four quarters of positive GDP growth, not rushed through within a year,' a senior UK banker said, the FT reported.

Trying to unwind trading positions and contain activity in response to swiftly introduced rules would not be practical, the banker said, according to the FT.

(Editing by Carol Bishopric)

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LONDON, Nov 10 (Reuters) - Europe's banks are lobbying to delay new rules on trading capital requirements and have privately warned that hasty reforms could harm lending, the Financial Times reported on Tuesday, citing unidentified bankers.

The European Union's Capital Requirements Directive 3 will force banks to carry higher levels of capital to support risky trading activity and is currently set for implementation by the end of 2010, the paper said.

This is due to be debated as part of this week's meeting of European finance ministers, it added.

The FT said that according to banks, the ruling could trigger more than 200 billion euros ($300 billion) of capital raisings within a year as they struggle to comply with the new framework.

'Nobody's done a proper impact study on this. We're not out of recession yet in the UK. These rules should only be phased in after we've had three or four quarters of positive GDP growth, not rushed through within a year,' a senior UK banker said, the paper reported.

Trying to unwind trading positions and contain activity in response to swiftly introduced rules would not be practical, the banker said, the paper reported.

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