International oil majors such asExxon Mobil Corp. and Royal Dutch Shell PLC are being squeezed out of the world's main oil-producing areas by national oil companies.
Oil Supply
IEA Says Fading Oil Production Threatens Supply
Crash in oil exploration puts world ‘on bad path’
Fatih Birol, chief economist at the IEA, said: "We hear almost every day about a project being postponed. This is a major problem."
Oil hits 20-month low at $56 a barrel
Crude oil sank to a fresh 20-month low even as the International Energy Agency warned of a potential global supply crisis due to delays in investment arising from price weakness and the credit squeeze.