Analyst Foresees “New World Order” in Oil Supplies Written By: Jeanne Roberts 2008-05-26 19:32:53 Last week, a rumor that the highly regarded, Paris-based International Energy Agency (IEA) was planning to lower its long-term forecast for worldwide oil supplies spiked oil prices over $135 per barrel, an historic high.
The Ghawar Oil Field, located in Saudi Arabia, is the world's largest known oil field at approximately 170 billion barrels. Arctic Ocean reserves may be more than twice as large.
