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IEA says drilling moratoriums threaten oil output

20 June 2010

The International Energy Agency (IEA) has said that if oil producing countries follow the US lead and impose moratoriums on development of new offshore oil reserves, global oil output could slide by up to 900,000 barrels a day from projected levels for 2015, Dow Jones has reported. "If other countries like Angola, Brazil and the North Sea (countries) put on hold new offshore development and there is also one or two years of delay, the impact on global oil output might be 800,000 barrels a day to 900,000 barrels a day by 2015," IEA executive director Nobuo Tanaka told the news service. Although it would represent a mere 1% or so of global oil output, "given that spare oil production capacity is about 6 million barrels a day, (a reduction of) roughly 1 million barrels a day can't be ignored," he said.

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