IEA Crisis Director Calls For More Oil and Gas Investment
Aad Van Bohemen, Director of Crisis Management at the International Energy Agency, recently made a surprising remark during an interview that aired on the Dutch television channel RTL-Z: Interviewer: Are you optimistic about the oil market? Bohemen: The IEA is not optimistic. We see a gap developing in the future between demand, if nothing is done to curtail demand, and production. So something has to happen, either more investment in production or more investment in substitution for oil or the curtailment of demand. All these three things will probably happen at the same time. Such developments don’t happen on their own, it can be very well be that this is going to hurt. Meaning that we are going to enter a period wherein oil prices are quite a bit higher, possibly even higher than today’s near all time high price, before we have found new solutions. Source: The Oil DrumPublished Wednesday, December 12th, 2007 at 1:35 pm and filed under Industry News.