BREAKING NEWS

International Energy Agency: Oil price to rise only gradually to $80 by 2020

By REUTERS

NOVEMBER 10, 2015 03:04

LONDON - Oil is unlikely to return to $80 a barrel before the end of the next decade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day, the International Energy Agency said on Tuesday.

In its World Energy Outlook, the IEA said it anticipates demand growth under its central scenario will rise annually by some 900,000 barrels per day to 2020, gradually reaching demand of 103.5 million bpd by 2040.

The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil, one of the major contributors to the oversupply that has stripped 50 percent off the price in the last 12 months.

"Our expectation is to see prices gradually rising to $80 around 2020," Fatih Birol, the executive director of the IEA, told Reuters ahead of the release of the report.

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