Project Delays ‘Drive Up Price’ of Oil

Delays of big oil projects are helping to drive oil prices higher as energy companies become increasingly unreliable at delivering production from new oilfields on time, a recent analysts’ report has warned.

Oil production in 2007 will be 2m barrels a day less than expected because companies are increasingly having to delay the date at which their projects deliver their first barrels of oil, according to Sanford Bernstein, an international research group.
Financial Times