IEA warns of oil supply crunch
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The world faces an oil supply crunch that could push prices above this summer's eye-watering $147 per barrel high if falling prices put the brakes on exploration and production expansion, the International Energy Agency said yesterday.
Although global energy demand projections are slightly lower than last year because of the economic slowdown, delayed spending on new projects such as the exploitation of Canadian tar sands will cause supply problems that could choke economic recovery. Nobuo Tanaka, the executive director, said: "We cannot let the financial and economic crisis delay the policy action that is urgently needed to ensure secure energy supplies and to curtail rising emissions of greenhouse gases."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments