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The International Energy Agency (IEA) states that with the rate of decline in existing oil field production accelerating, the world will need to spend approximately $540 billion annually by 2050 to search for oil and natural gas in order to maintain current production levels. The agency's Executive Director, Fatih Birol, said that the faster decline rate means that the global oil and gas industry "must speed up its pace in order to stay afloat." If there is no investment, the decline in global oil supply would be equivalent to the combined daily production of Norway and Brazil - over 5 million barrels per year.