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IEA expects oil rising gradually to $ 80 by 2020

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Rocky


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IEA expects oil rising gradually to $ 80 by 2020




11/11/15

Tipped the International Energy Agency on Tuesday that the oil back to $ 80 a barrel by 2020 despite declines investment is unprecedented and in light of the difficulty that global demand growth over a million barrels per day.

The agency predicted in the report of the high demand about 900 thousand barrels per day per year until 2020, according to visualize described Bantrza.

The crude fell to around $ 50 a barrel this year to deep cuts in US shale oil production, which was a major contributor to the oversupply that robbed price 50 percent in the last twelve months.

Fatih Birol, Executive Director, told energy ahead of the report called World Energy Outlook "We expect a gradual rise in prices to near $ 80 in 2020".

The struggling oil companies in the light of falling prices and expectations of the "fall for a longer period," which forced it to cut spending and lay off thousands of jobs and the postponement of major projects by about $ 200 billion around the world.

According to IEA estimates that the investment has fallen 20 percent already this year.

Birol told a press conference "in the next ten years even if oil demand growth is zero ... the mere increase production to offset the decline in existing fields will require investments of us at the level of $ 650 billion."

M.a

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