Supply Problems Ahead?

Sunday, October 11, 2009

The International Energy Agency said on Monday there could be an oil market supply crunch from next year once global oil demand begins to recover.

The IEA's executive director, Nobuo Tanaka, told reporters on the sidelines of a conference in London that he expected world oil demand to resume growth from next year.

"Currently the demand is very low due to the very bad economic situation but when the economy starts growing, recovery comes again in 2010 and then onward, we may have another serious supply crunch if capital investment is not coming" ,Tanaka said.

Tanaka urged the Organization of the Petroleum Exporting Countries not to seek rapid rises in oil prices through further supply cuts.

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