2009-09-21 07:39:07
The head of oil giant Total has told the BBC the world could face a shortage of
oil because of underinvestment.
Chief executive Christophe de Margerie warned that too little has been spent
trying to tap into new oil reserves because of the economic crisis.
"If we don't move [now] there will be a problem," Mr de Margerie said. "In two
or three years it will be too late."
He also said he thought oil prices would rise to more than $100 a barrel, from
their current level of around $70.
"The reserves of oil are there, but if you don't invest they don't come on the
market," Mr de Margerie said.
"What we have to decide today is production for 2010-2015. So in between we
might be faced with insufficient oil to meet demand."
He said the major oil producing countries, which have cut production in the
face of falling demand and to protect prices, could not be blamed for the
underinvestment.
"You cannot ask those countries who are also facing a crisis to continue to
invest for a potential recovery of demand, and to do this for the benefit of
the world."
Instead, he called on heads of government to get involved.
"I think it is our role to... force people in charge of our countries to think
about this concern we have."