The US ban on offshore drilling could have long-term consequences on oil prices, Nobuo Tanaka, executive director of the International Energy Agency, told CNBC Monday.
Tanaka made his comments on the eve of the three-month anniversary of the BP Gulf of Mexico oil spillthat led to the moratorium.
“We have heavily dependence on offshore, half of the new capacity comes form offshore,” said Tanaka. Tanaka was speaking from the two-day energy summit in Washington, hosted by US Energy Secretary Steven Chu.
Energy ministers from some 20 countries, including Canada, Mexico, the United Arab Emirates and Norway, are attending.