Integrated media December 12 news, the chief analyst of the International Energy Agency (IEA) Fatih Birol said on Friday that if you do not increase production, then oil prices may reach 150 US dollars per barrel in the next few years.
Birol said that the major oil-producing countries in the Middle East and North Africa will be the main force for increasing production, but there are signs that these governments are investing funds in fields other than oil.
If the increase in investment is not as expected, this may further drive up oil prices. According to the IEA analysis, oil prices may hit $150 per barrel in 2015 or so.
He pointed out that due to the strong demand, disappointing data from OPEC countries, and weak recovery of the global economy, it is pragmatic for Saudi Arabia to produce oil at record high levels.
OPEC will meet in Vienna on December 14th to discuss production policy issues.
Birol said that the oil price is expected to remain stable for several years, but the global economic slowdown may relieve some of the pressure.
If there is a financial crisis, oil prices will fall, but this will not last long, only a temporary phenomenon. When the global economy regains its footing, the price of oil will be higher than the current.
In the short term, the oil market is suffering from the EU's tougher sanctions against Iran, which may push up oil prices.
Birol said it is too early to say possible sanctions and their impact.
Birol said that the major oil-producing countries in the Middle East and North Africa will be the main force for increasing production, but there are signs that these governments are investing funds in fields other than oil.
If the increase in investment is not as expected, this may further drive up oil prices. According to the IEA analysis, oil prices may hit $150 per barrel in 2015 or so.
He pointed out that due to the strong demand, disappointing data from OPEC countries, and weak recovery of the global economy, it is pragmatic for Saudi Arabia to produce oil at record high levels.
OPEC will meet in Vienna on December 14th to discuss production policy issues.
Birol said that the oil price is expected to remain stable for several years, but the global economic slowdown may relieve some of the pressure.
If there is a financial crisis, oil prices will fall, but this will not last long, only a temporary phenomenon. When the global economy regains its footing, the price of oil will be higher than the current.
In the short term, the oil market is suffering from the EU's tougher sanctions against Iran, which may push up oil prices.
Birol said it is too early to say possible sanctions and their impact.
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