on the other hand the international energy agency iea in its mediumterm oil market report for released in july suggests that the industry will be capable of producing million barrels per day by but expresses considerable doubt about its capacity to raise production much above that level because of declining output at existing fields a disappointing record of new oilfield discovery and concerns about the adequacy of future investment still without a radical shift in energy strategy it will be difficult for these sources to fill the gap created by the diminished availability of petroleum this shift provides the opportunity to meet both climate and energy security goals in advanced countries