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Monday, 6 March 2017

IEA: Oil investment drought threatens price surge

IEA: Oil investment drought threatens price surge:

"Drastic cuts in oil industry investment risk creating a shortfall in supply that by 2020 will expose the market to a surge in prices, the International Energy Agency has warned.

Despite a chorus of analysts predicting a decline in oil consumption in the coming years, as governments push for energy efficiencies, cleaner fuel usage and electric cars, the IEA cautioned in its five-year outlook: “We see no such peak in sight.”

More investment in global oil and gas exploration and production is crucial to ensure future supplies are able to meet growing demand, it added."

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