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Analysts foresee 'new world energy order' Barbara Liston A leading global energy monitor fears there may not be enough oil out there to slake the world's thirst -- and is preparing a landmark forecast that could reverberate through the global economy even as major companies announce fuel-related cutbacks. The International Energy Agency is studying depletion rates at about 400 oil fields in a first-of-its-kind study of world oil supply, chief economist Fatih Birol said. "We are entering a new world energy order, " Birol told The Associated Press. Market analysts call the Paris-based IEA the world's most reliable independent source of oil information and welcomed its decision to undertake a deep study of oil supplies.
But the IEA's new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back. Less oil would mean even higher prices for everything from gasoline to food. Already, airlines squeezed by jet fuel costs are bleeding profits and predicting cutbacks and industry upheaval. Ford Motor said Thursday it was cutting production of gas-guzzling sport utility vehicles and forecast more rough times ahead. Birol said the IEA study, whose results will be released in November, was prompted by concern about the volatility of world oil markets and uncertainty about supply levels.
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