IEA Worried About Worlds Oil Supply
The International Energy Agency says it is worried whether world oil supplies can meet growing demand.
The IEA’s chief economist says the organization is studying depletion rates at about 400 fields in its first study of world oil supply, and is preparing a revision of its forecasts.
Fatih Birol says the study was prompted by soaring oil prices and concerns about low investment levels. He says growing demand in China and India is leading to a “new world energy order.”
The IEA plans to release results of the study in November.