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IEA warns against possible acute oil shortage
http://www.energybulletin.net/5074.html

PARIS, April 1 (Itar-Tass) -- The International Energy Agency (IEA)
has come to the conclusion that the world economy is facing a serious
threat of acute oil shortage. IEA experts have prepared a special
report, due to be published within a few weeks, in which they warn the
key oil consuming countries about the need for immediately taking
tough energy-saving measures, if the daily oil supply to the world
market is reduced by one to two million barrels.

The measures, suggested by IEA, include the reduction of a working
week, a ban on using privately owned vehicles, the introduction of a
90-kilometre speed limit, the reduction of public transport fare and
the encouragement of staff members to work at home, using Internet.

The conclusions drawn by the IEA experts reflect their growing concern
over the macroeconomic dynamics taking shape on the world oil market.
According to the information of Itar-Tass, the latest studies show
that oil shortage will become more and more acute within the coming
few months.

As a result of it, IEA insists now on the changing of one of its basic
principles. Its founding documents say that tough energy-saving
measures should be taken by oil consuming countries, if oil deliveries
to the world market are reduced by 7 per cent, which is now equal to
six million barrels a day. IEA is going to reduce the amount to one or
two million barrels.

The report, prepared by IEA, will be submitted for discussion at a
meeting of ministers of energy of the IEA member countries, which will
be held next month.