IEA: BP’s oil spill threatens future supply

The International Energy Agency (IEA) expresses major concerns over future oil supply, as new regulations threaten to tighten deepwater drilling, following BP’s Gulf of Mexico oil spill

The Paris-based IEA has revealed that the explosion on BP's Deepwater Horizon oil rig from the Macondo oil well in the Gulf of Mexico in April did not only significantly push up crude oil future prices in July but it also threatens future supply, as regulators tighten up any offshore drilling activity.

"This year's Macondo disaster in the deepwater US Gulf highlights ever‐present supply risks," said the IEA in its monthly Oil Market Report. "[BP's oil spill] also places the ability of the