Wednesday, October 13, 2010

BP (NYSE:BP) Oil Spill Won't Affect Global Offshore Drilling Says IEA

The BP (NYSE:BP) oil spill will have no affect on the growth of offshore drilling around the world, said the International Energy Agency.

Evidently the over-response to the spill will hurt the United States, as there will be a loss of about to 60,000 barrels of oil a day in 2010, and 100,000 barrels a day in 2011, according to an International Energy Agency released today.

The report concluded even with that shortfall in U.S. oil production, they “currently do not foresee any significant impact on production elsewhere.”

With huge demand for oil growing, offshore sites have been inundated with exploration deals to find more oil and gas resources to supply the demand.

In the not-too-distant future offshore oil will account for about 50 percent of all oil produced.

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