Adipec 2015: IEA chief worried by sharp decline in oil sector investment | The National:
"The sharp decline of investment in the oil and gas sector will have serious consequences for the sector as supply fails to keep pace with demand, the head of the International Energy Agency has warned.
“What I am worried about the most is that this year oil investment declined by about 20 per cent compared to previous years and, more importantly, that it is expected to decline by the same amount next year,” said Fatih Birol, executive director of the Paris-based watchdog for the biggest energy consuming countries. “It is the first time since the 1980s that investment will have declined for two consecutive years and it will have serious consequences for the oil market.”
The warning from Mr Birol, a Turkish economist who this year took over as head of the IEA, comes as the agency releases its annual World Energy Outlook, which predicts that oil prices will recover over the next five years to average about US$85 per barrel as the supply-demand balance tightens."
'via Blog this'
No comments:
Post a Comment