Page last updated at 21:34 GMT, Monday, 21 September 2009 22:34 UK

Total issues oil shortage warning

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The head of oil giant Total has told the BBC the world could face a shortage of oil because of underinvestment.

Chief executive Christophe de Margerie warned that too little has been spent trying to tap into new oil reserves because of the economic crisis.

"If we don't move [now] there will be a problem," Mr de Margerie said. "In two or three years it will be too late."

He also said he thought oil prices would rise to more than $100 a barrel, from their current level of around $70.

Brian Milligan reports.

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