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IEA: Oil price justifies investment
- Middle East: Thursday, October 22 - 2009 at 10:40
The International Energy Agency has voiced concerns of a possible price spike if insufficient investment is made in bringing on new sources of oil to keep pace with demand, Reuters has reported. 'Oil prices of $78 are high enough for almost every single drop of oil we have in the world to invest, if they were to stay at these levels, if producers were to believe that the prices will stay at these levels,' IEA's chief economist, Fatih Birol told the news service.
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StaffThursday, October 22 - 2009 at 10:40 UAE local time (GMT+4)
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