Countdown to $100 oil (42) – IEA predicts shortages within 5 years

The world economy faces a tight oil market in the next five years on a combination of accelerating consumption and output falls in mature areas, such as the North Sea, and long delays in new production projects.

The warning on Monday by the International Energy Agency, the energy watchdog, comes as oil prices surge above $76 a barrel, to $2.50 a barrel below last summer