Oil supplies from Russia will fall short of expectations over the next four years, adding to the supply concerns that have driven world oil prices to record highs this week.

Claude Mandil, executive director of the International Energy Agency, the energy watchdog of the world's biggest economies, told the Financial Times that expectations for Russian oil supply growth were too optimistic and that the Organisation of the Petroleum Exporting Countries, the cartel that controls 40 per cent of the world's oil supply, would have to make up the difference in the next four years.