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Total CEO warns of oil shortage

Sept. 21, 2009 at 12:32 PM   |   Comments

PARIS, Sept. 21 (UPI) -- The chief executive of French oil giant Total said the recession has stalled development of world oil reserves that could lead to a shortage in the future.

Chief Executive Officer Christophe de Margerie said, "if we don't move (now) there will be a problem. In two or three years it will be too late."

"The reserves of oil are there, but if you don't invest they don't come on the market," de Margerie told the British Broadcasting Corp.

"What we have to decide today is production for 2010-2015. So in between we might be faced with insufficient oil to meet demand," he said.

De Margerie said the world should not blame oil producers. "You cannot ask those countries who are also facing a crisis to continue to invest for a potential recovery of demand, and to do this for the benefit of the world," he said.

"I think it is our role to ... force people in charge of our countries to think about this concern we have," he said.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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