Well-supplied market in the short term should not disguise the challenges that lie ahead, says international energy agency
The International Energy Agency has warned that the current slump in oil prices will hold back investment and could create shortages in the future as overall energy demand is forecast to grow by 37% in the next 25 years.
But at the same time, the organisation, which was set up in the aftermath of previous price shocks, said that while more drilling was needed, it was still important that governments wound down the worlds $550bn (£346bn) of annual fossil fuel subsidies and switched support to renewable power.