Oil crunch to persist through five years - IEA

09 July 2007 16:51  [Source: ICIS news]

HOUSTON (ICIS news)--The International Energy Agency warned of an ongoing oil crunch in the next five years, according to unconfirmed media reports on Monday.

The group's Medium Term Oil Market Report warned about low spare capacity from members of OPEC and slow production growth among non-members, according to reports from the media.

The agency predicts that OPEC output capacity will reach 38.4m bbl/day in 2012, up from the current 34.4m bbl/day.

At the same time, demand for oil will grow due to economic growth in Asia and the Middle East, the reports say.

Production of biofuels will double by 2012, reaching 1.8m bbl/day, according to reports from the media.

However, the fuels will do little to satisfy nations' demand for energy.

The agency, based in Paris, France, acts as an energy policy advisor to 26 member nations.
By: Al Greenwood
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