According to a news story about the International Energy Agency, the agency forecast that “the current slide in [oil] prices won’t [reduce] global supply.” Would a decline in oil prices ever cause a...

According to a news story about the International Energy

Agency, the agency forecast that “the current slide in [oil]

prices won’t [reduce] global supply.” Would a decline

in oil prices ever cause a reduction in the supply of oil?

Briefly explain.

Source: Sarah Kent, “Plunging Oil Prices Won’t Dent Supply in Short

Term,” Wall Street Journal, December 12, 2014.