World oil demand this year will contract by 2.56 million barrels per day (bpd), the sharpest annual decline since 1981, according to the IEA. In response, OPEC oil exporters have cut supplies sharply.
Even so, investment "is plunging so significantly it will have major implications for oil security and climate change," Mr. Birol said.
For oil, investment cutbacks are expected to delay projects that could supply a total of 6.2 million bpd over the next few years, Mr. Birol said. That is equal to more than the combined daily production of Iran and Kuwait.
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