The agency's experts are presently analyzing the state of affairs at 400 oilfields across the globe and the results of this survey will not be made public until November. Even now it is clear that crude supply could turn out to be tighter in the future than expected and will probably fall short of demand. Pessimistic estimates by IEA could result in new shocks on the oil market where prices soared past the USD 135 mark Wednesday, doubling on the year. As a result, crude contracts jumped 3.3% on NYMEX Wednesday, settling at USD 133.17 a barrel. Today July delivery contracts climbed 1.4% (USD 1.87) to USD 135.04 in pre-trade on NYMEX. Until now IEA had projected oil supply to grow gradually to meet demand, exceeding 116 mn bpd by 2030 against the current 87 mn bbl. Right now the agency is concerned that it will be extremely hard for oil producers to boost oil output even to 100 mn bpd in the next 20 years, while investments in the oil industry could prove to be much higher than expected. Back in 2007 IEA cautioned, on the back of the analysis of oil projects under development, that the global market could experience a 12.5 mn bpd shortage of crude oil by 2015.
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