The International Energy Agency has sounded the alarm about a potential oil supply crunch and higher prices as key Gulf producers delay investment in the face of surging US shale output.
In a strident warning against complacency in the oil market, the developed world’s energy body said key Gulf producers have been adopting a “wait and see approach” to investment, because of the perception that the US shale revolution would produce an “abundance of oil”.
“I am really worried that we are giving the wrong signals to the Middle East, which may end up with us not having investment in a timely manner,” said Fatih Birol, chief economist at the IEA.
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