Oil production staggers: IAE

The financial crisis is not only knocking prices down, thanks to demand destruction, but is going to keep supply below demand over the next few years. So says the IAE, apparently. 

the world will struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and meet long-term de mand. The effort will become even more acute as prices fall and investment decisions are delayed.