World will face oil crunch ‘in five years’
By Javier Blas, Commodities Correspondent
Published: July 9 2007 13:25 Last updated: July 9 2007 13:25
The world is facing an oil supply “crunch” within five years that will force up prices to record levels and increase the west’s dependence on oil cartel Opec, the industrialised countries’ energy watchdog has warned.
In its starkest warning yet on the world’s fuel outlook, the International Energy Agency said “oil looks extremely tight in five years time” and there are “prospects of even tighter natural gas markets at the turn of the decade”.