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Fuel card news: IEA 'could cut Gulf of Mexico output forecast'

09 June, 10
A senior official from the International Energy Agency (IEA) has suggested that oil production in the Gulf of Mexico could be dramatically reduced within the next few years.

IEA deputy executive director Richard Jones told Reuters that output in the region could fall by as much as 300,000 barrels per day from 2015, as imminent US government regulations take hold.

"There will be a cost attached to any regulation and that cost will inevitably affect the future development of the industry in US waters, which will have an impact internationally as well," he said in an interview with the news provider.

Mr Jones sounded a pessimistic note about the long-term cost of crude oil and hinted that a lack of investment in Gulf of Mexico offshore drilling may have some repercussions on the global price of the commodity.

His comments came just days after Malaysian premier Najib Razak criticised "unrealistically high" costs and called for "greater oversight" of oil markets.

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Posted by Tammy BrooksADNFCR-2675-ID-19826617-ADNFCR

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Fuel card news: IEA 'could cut Gulf of Mexico output forecast'