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Bhaisahab Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-16-09 12:37 PM
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Oil up on 'supply crunch' warning
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Source: BBC

Oil prices have risen after the International Energy Agency (IEA) said that there could be supply shortages next year once demand picks up.

Nobuo Tanaka, the IEA's executive director, warned there could be a "supply crunch".

US light crude for March delivery rose 65 cents to $38.16 a barrel. Brent oil added 29 cents to $45.10 a barrel.

<SNIP>

"Currently the demand is very low due to the very bad economic situation," Mr Tanaka said.

"But when the economy starts growing, recovery comes again in 2010 and then onward, we may have another serious supply crunch if capital investment is not coming."

Read more: http://news.bbc.co.uk/2/hi/business/7892477.stm
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