Still pumping: but lowered investment may catch up with non-Opec producers, the IEA has warned
'Crash crunch crimps non-Opec supply'
A lack of investment could reduce non-Opec supply capacity by 360,000 barrels per day in the next 18 months, an official from the International Energy Agency (IEA) said today.
"Current declines in investment will have an impact on capacity and capacity declines could already be underway," Richard Jones, deputy executive director of the IEA told an energy conference in Dubai.
Reuters quoted him as saying preliminary IEA studies showed the lack of investment could curb non-Opec supply capacity.
A decline in oil prices from their peak near $150 a barrel in July has raised concerns that oil producers may become more reluctant to invest in raising capacity.