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
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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.
