IEA sees world oil supplies staying tight to 2013

Posted: Wednesday, Jul 02, 2008 at 2240 hrs IST
Updated: Wednesday, Jul 02, 2008 at 2240 hrs IST

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Oil hovers below $79 after 3-day slide Oil spikes to USD 81.26 a barrel Oil eases to USD 78.65 a barrel Oil tops $80, highest since Oct 14, 2008

London, Jul 1 : crunch developing in the period to 2012.

Output in 2012 from outside the Organisation of the Petroleum Exporting Countries, source of about three in every five barrels, is now expected to be 1.4 million bpd less than previously thought.

Supply will rise to 51.1 million bpd in 2013 from 49.9 million bpd in 2008, the IEA said. Output of non-Opec crude alone will remain flat or fall in the next five years. Production capacity in Opec countries, also facing cost overruns and delays at new projects, is also expected to lag earlier expectations.

Opec usually holds part of its production capacity in reserve to make up for supply breaks or to meet unexpected rises in demand. That margin is expected to wane by the end of the period.

—Reuters...

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