An increase in investment in oil exploration and production, spurred by the high price of oil over the last three years, is set to deliver a flurry of new supply to the market from 2007 onwards. However, investment in the infrastructure vital to carry out some of these projects, particularly rigs, has not kept pace, and concern is now growing that projects will suffer delays as a result of tightness in that market.
Global oil supply has risen from 79.8 million barrels per day (bpd) in 2003,
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