IEA economist says oil prices may hit $150 in a few years
- Middle East: Sunday, December 11 - 2011 at 09:07
Fatih Birol, the International Energy Agency's chief economist has said if new production is not brought on stream, oil prices could reach $150 a barrel within a few years, Reuters has reported. He said that major Middle East and North African producers would be the overwhelming sources of new supply, but that there were signs that governments were diverting investment away from oil. "So if the investment doesn't come through as much as we expect to see, this may give an additional boost to prices, and according to our analysis, we may see $150 (per barrel) around 2015," Birol said.
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