IEA warns over medium-term global crude oil markets

Oil rig in Iranian waters

Geopolitical and investment risks could tighten global oil supply markets over the next five years though concerns have eased since 2009, the International Energy Agency (IEA) says in its latest medium-term oil markets report.

In 2009, the IEA sounded a clarion call about the serious risk of global under-supply. The agency believed a recession-induced lack of investment in production and refining, coupled with resurgent demand, could cause a supply crunch that would send prices rocketing upwards