The IEA warns of shortages - "The next oil crisis is coming"

by Michael Kläsgen

A shortage of oil could trigger another global recession around 2013 – says the IEA. By 2010 the price will reach new highs.

The IEA in Paris is warning of a new, much more severe global economic crisis around 2013. The reason is that investments in oil from new projects are being cancelled by large oil companies. If demand starts increasing in 2010, the oil price could explode, fire up inflation and put global growth at risk.

"We are concerned, that oil companies are reducing their investment levels. When demand returns a supply shortage could appear. We are even predicting that this shortage could occur in 2013." Said Nobuo Tanaka, head of the IEA in an interview with Sueddeutsche Zeitung.

Oil reserves declining markedly (more)