From the BBC.

Nobuo Tanaka, the IEA's executive director, warned there could be a "supply crunch"....

"Currently the demand is very low due to the very bad economic situation," Mr Tanaka said.

"But when the economy starts growing, recovery comes again in 2010 and then onward, we may have another serious supply crunch if capital investment is not coming."

He said that he expected world oil demand to rise by about one million barrels per day from next year.