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Posted by John Malloy on 05/27/2008

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Analysts foresee ‘new world energy order’

A leading global energy monitor fears there may not be enough oil out there to slake the world’s thirst — and is preparing a landmark forecast that could reverberate through the global economy even as major companies announce fuel-related cutbacks.

The IEA study was prompted by concern about volatile world oil markets and uncertainty about supplies. The International Energy Agency is studying depletion rates at about 400 oil fields in a first-of-its-kind study of world oil supply, chief economist Fatih Birol said.

“We are entering a new world energy order, ” Birol told The Associated Press. Market analysts call the Paris-based IEA the world’s most reliable independent source of oil information and welcomed its decision to undertake a deep study of oil supplies.

But the IEA’s new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back… www.cnn.com

Posted by John Malloy on 05/27/2008. Filed under International. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry