Oil price will soar without investment in capacity, says watchdog
by Adam Vaughan from Environment | The Guardian on (#2EY2X)
IEA says hundreds of billions of dollars must go into new fields to meet demand from markets such as India and China
The world will be hit by sharp increase in oil prices in the next decade without a major investment in new fields, one of the world's leading energy authorities has warned.
The International Energy Agency said after a two year-slump the industry was making a weak recovery, which would coincide with India and China continuing to drive up oil demand. The result would be a tight market and surge in oil prices towards 2022 without further action, the IEA concluded in a report.
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