IEA slashes Gulf of Mexico supply forecasts

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The Paris-based IEA has cut 2010 and 2011 Gulf of Mexico oil production levels by 60,000 barrels a day (b/d) and 100,000 b/d respectively after the moratorium imposed on deepwater drilling throttled new supply for six months and the oil spill itself haemorrhaged millions of gallons of oil from April this year.

"Macondo still casts a shadow, at least over the lead times for US deepwater supply growth," says the IEA in its latest monthly Oil Market Report. "In the US Gulf of Mexico too, activity

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