Iran's oil production has fallen to a 10-year low and could drop to levels last seen during the Iran-Iraq war in the 1980s as sanctions over its nuclear programme disrupt an industry already suffering from years of underinvestment.
New sources of oil and natural gas -- much of it from the United States and the rest of the Americas -- will expand supply over the next five years, but growth in demand -- particularly from China -- will outpace it, according to an industry report issued Thursday.
Don't panic, the world has plenty of oil to cover any loss in Libyan production. That's the message the head of the International Energy Agency, the group formed to protect against global energy supply disruptions, sent the market on Tuesday.
Oil prices eased Wednesday - ending at a 5-month low - as heightened worries over slumping demand and a stronger dollar offset a weekly government report showing a bigger-than-expected decline in gasoline and crude inventories.
As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten out or continue to soar
NEW YORK (Reuters) - Oil prices dropped 3 percent Wednesday after the International Energy Agency said growth in world demand was weakening and the U.S. government reported an increase in crude inventories to six-year highs.