The IEA (the Paris based Independent Energy Agency) is in the middle of an across the board evaluation of the condition of the world's oil fields.
The study results won't be released until November, but already, industry insiders and analysts are suggesting that the results may describe a much tighter world oil supply than anyone with real credibility has previously suggested.
How this may affect world oil markets, economies, and consumers remains to be seen. But already, Goldman Sachs is calling for oil prices of $200 a barrel by next year--hold onto your hats.
Meanwhile, get the details here
from the Wall Street Journal.