"Extra 3m barrels' to keep oil price down"

The IEA executive director has called for additional investments in oil capacity expansion. IEA's call for increased invetments is not new. In the 2003 World Energy Investment Outlook, IEA concluded:

The total investment requirement for energy-supply infrastructure worldwide over the period 2001-2030 is about $16 trillion. This investment is needed to expand supply capacity and to replace existing and future supply facilities that will be exhausted or become obsolete during the projection period.

That is a lot of money :-)