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US president unveils new plan to drill for oil and natural gas off America's coasts.
US president will announce new plans to drill for oil and natural gas off America's coasts.
Crude prices stay around $40 a barrel despite largest ever production cut.
Government cites declining oil reserves and investment as reasons for withdrawal.

The Organisation of Petroleum Exporting Countries (Opec) will likely raise its output ceiling by 500,000 barrels a day if prices stay at present levels, the organisation's president has said.

Global oil prices are being driven to record-high levels by speculative traders, not a shortfall in global oil stores or a crisis among oil producers,

An extra three million barrels per day of production capacity worldwide is needed to avoid another year of blistering oil prices, the International Energy Agency chief warns. 
Faced with record prices and a surge in global demand, oil producers will have to invest heavily if they want to increase output further, analysts say. 
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