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Page added on October 28, 2004

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Oil Demands Can Be Met, but at a High Price, Energy Agency Says

Business

LONDON, Oct. 27 – As record high prices raise concerns about future supplies of oil, the International Energy Agency, in a new report, stressed the need for oil-producing countries and international oil companies to increase their investments in finding and pumping oil.

In its report, released Tuesday, the agency says there are sufficient oil reserves to meet demand for at least the next 30 years. But it says that not only will oil companies have to increase their spending, but oil-producing countries must also allow more outside access to their reserves.

NY Times



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