Major international oil firms are maintaining a tight leash on spending, raising concerns as to the impact on world oil supplies, says the International Energy Agency, energy watchdog for the West.

Purchasing, July, 1999

Major international oil firms are maintaining a tight leash on spending, raising concerns as to the impact on world oil supplies, says the International Energy Agency, energy watchdog for the West. Even though crude prices have recovered significantly from winter lows, drilling budgets are likely to be restrained this year and next, the IEA frets.

Of particular concern is a lack of drilling in the U.S., Canada, and the North Sea.