Oil Pumps If the oil industry’s upstream investments continue to be lower next year, there is a material risk that the world could end up with a shortage in new conventional supply in a few years, the International Energy Agency (IEA) said in its annual World Energy Outlook on Wednesday. The usual concerns about oil and gas supply persist and are now further aggravated by the record drops in investment, the IEA said in its World Energy Outlook 2016 report, in which it also predicts that the global energy scene would see broad transformations until 2040. In the longer run, investment in the oil and gas industry would be essential for keeping up with demand and replacing declining output. However, the growth of renewables and the increased energy efficiency would lead to lower oil and gas imports in many countries, the IEA said. Nevertheless, according to the WEO-2016, the […]