Paris, July 9:

The International Energy Agency warned of increased tension on global oil markets

after 2010 as spare capacity in the OPEC production cartel shrivels at a time when buoyant economic growth is driving up demand.

“The potential effects of a combination of low OPEC spare capacity and slow non-OPEC production growth are of significant concern — all the more so when considered alongside tightness in other hydrocarbons, particularly the natural gas market,” the IEA said in its Medium Term Oil Market Report.