Oil Spike Postponed Not Canceled in IEA View on Lack of Spending
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A lack of investment in the oil industry mean a glut of crude is temporary and prices will rebound in the medium to long term, the International Energy Agency’s chief economist said.
“We will see downward pressure on the prices in the next few years, but what worries me is that investment is not coming forth, especially in the Middle East,” Fatih Birol said today at a conference in Prague. “A spike in the oil price has been postponed, but it hasn’t been canceled.”