IEA can reduce forecasts of oil extraction to year 2030, oil went up to $135/barrel

/INTERFAX-AFI, New York, May 22, 08/ - International Energy Agency (IEA) is preparing to review the forecast of oil extraction in the world in the direction of sharp decreasing, The Wall Street Journal informs. Agency's experts are now conducting the evaluation of situation on 400 oilfields in the world; the results of this research will be published officially till November. However, even now it is clear that oil supply in future can be more restrictive than considered before and possibly will be behind supply, the newspaper wrote. IEA pessimistic evaluation can arouse new shock on oil market, where prices overcame the level of $130 per barrel on Wednesday, having doubled in a year. As a result, on Wednesday, the prices increased by 3.3% to $133.17 per barrel in New York. On Thursday, in electronic system of New York Stock Exchange, oil with delivery in July increased by 1.4% ($1.87) to $135.04. Till now IEA forecast that oil supply will be increasing gradually, following the demand and will exceed to year 2030 the level of 116 m. barrels in a day against the current 87 m. barrels. Now the agency is worried about the thing, which producers will hardly reach the level of 100 m. barrels a day during next 20 years, and investments in oil sphere turned out to be considerably higher than expected. Last year, IEA warned, having finished the analysis of realizing oil projects, that by year 2015 in the world deficit can appear on the level of 12.5 m. barrels a day. [2008-05-22]