World oil supplies stable, but challenges lie ahead

The short and medium-term outlook for the world’s oil supply is good, but the issues of climate change, energy security and demand from India and China need to be addressed, top players in the energy industry said Friday at the World Economic Forum.

‘There are a lot of oil reserves, particularly, in OPEC (Organization for the Petroleum Exporting Countries), and we expect a lot of new volume to come from there. The supplies will be enough to comfort the market,’ said Fatih Birol, the head of the International Energy Agency’s (IEA) economic analysis division.