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Oil prices could rise from mid-2016: IEA
At a time of uncertainty created by the precipitous fall in oil prices and oversupply, the International Energy Agency (IEA) said on Monday that prices could go up from mid-2016 with supplies tightening due to a drop in investment and falling US output.
Singapore: At a time of uncertainty created by the precipitous fall in oil prices and oversupply, the International Energy Agency (IEA) said on Monday that prices could go up from mid-2016 with supplies tightening due to a drop in investment and falling US output.
"It will be a great mistake to index our attention to oil security, to the oil price trajectory in the short term," Fatih Birol, executive director of the IEA said at the Singapore International Energy Week.
Global crude oil prices have fallen below the psychological $50-a-barrel mark from well over $100 in the last fifteen-month period, affecting revenues of oil exporting countries as well as investments in oil exploration and production.
Birol said if prices continued at current levels, oil investment was likely to decline again in 2016, mainly in high-cost regions, after falling this year by more than a fifth.
