Europe could face oil shortage in a decade, study warns

Report found production will decline faster than bloc is curbing reliance on fossil fuels

Europe could face a shortage of oil within the next decade, making the move to increase the use of low carbon energy even more urgent, according to a new report.

The study has warned that oil production may fall faster than the EU's reliance on fossil fuels, raising the risk of a looming oil supply crisis and severe market price shock.