IEA sees oil supply crunch looming

[applegrove]

IEA sees oil supply crunch looming
SHAWN MCCARTHY

Globe and Mail Update

July 9, 2007 at 8:32 AM EDT

OTTAWA — "Global oil companies will reap the windfall from growing demand and constrained supply for years to come – and consumers should expect higher fuel prices for the foreseeable future, the International Energy Agency says in a report released Monday.

In its medium-term outlook, the agency warns that higher crude prices over the last several years have failed to trigger the typical market response of slowing demand and additional supplies.

Instead, while demand growth has slowed in the developed world, booming economies in Asia and Middle East have taken up the slack. The emerging economies and developing world will soon account for nearly half the crude oil demand in the world, according to the IEA, which is the energy monitoring arm of the developed world.

At the same time, the agency is forecasting only modest growth in crude oil supplies, as the producers struggle to offset declines from existing fields.

.......SNIP"

http://www.reportonbusiness.com/servlet/story/RTGAM.20070709.wiea_staff0709/BNStory/robNews/?cid=al_gam_nletter_newsUp

[Donnachaidh]

1. prepping the world to be ready for the *company store*

When the Oil magnates control everything, and we'll all be working to pay ever increasing prices, with only minimum *fixes* - alternative energy cars to those who can afford them. Just enough done so the companies can claim to be *doing something*.

[MasonJar]

2. I am definitely looking for ways to cut my consumption of everything

and especially oil.