As per a fresh study by the UK Energy Research Council, there is a "significant risk" that the worldwide production conventional oil could peak and decline by 2020.

Speaking on the findings, UKERC's Robert Gross said that the era of cheap oil is at an end.

Robert Gross further added, "It doesn't suddenly come to an end, obviously it's a gradual change, but we're moving away from easy and cheap oil to increasingly difficult and expensive oil."

The report fears that a drop in the production of oil would push the oil prices up. In addition, nations will resort to more polluting fossil fuels like tar sands.

Fossil fuels like tar sands can bring drastic changes in climate via carbon emissions if they remain on the surface of the earth.

The study claimed that the 10 largest oil producing fields worldwide are all in decline.

The report warned that most governments are showing little concern regarding oil depletion.

The report said the risk presented by worldwide oil depletion requires more serious consideration by the research as well as policy communities.