London-The International Energy Agency warned February 11 that lower investment in oil capacity expansion now could undermine future supply growth when the world comes out of recession, with field decline rates likely to accelerate if oil prices remain around $40/barrel. The IEA said in its Monthly Oil Market Report that reduced spending was already having an impact, noting that its own liquids capacity forecast for the current year had been curbed by a net 1 million b/d since oil prices began to tumble last summer.
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