Financial Crisis May Lead to Oil Supply Crunch

IEA Executive Director Nobuo Tanaka participated in the ‘Ministerial Panel’ at this year’s Oil & Money conference in London on 28 October. In his remarks, Mr. Tanaka said that the financial crisis may delay oil projects and lead to a serious supply crunch. He emphasised the need for maintaining investment. Other participants in the Ministerial Panel included (from far left) Panel Co-Moderator, Herman Franssen, President, International Energy Associates, H.E. Mohamed Bin Dhaen Al Hamli Minister of Energy, U.A.E., H.E. Abdulla Bin Hamad Al-Attiyah, Deputy Premier & Minister of Energy & Industry, Qatar, H.E. Abdalla Salem El-Badri, Secretary General, OPEC, and Co-Moderator, Alirio A. Parra, Former Minister of Energy and Mines, Venezuela. In a later session, Fatih Birol, Chief Economist of the IEA, took part in a panel on the outlook for the oil market.