IEA Economist Sees Risk Of Higher Oil Prices

From Today Online

World oil prices may jump to US$150 a barrel if current investment levels are not maintained in the Middle East and North Africa.

This is according to the International Energy Agency (IEA), which held its annual world energy outlook seminar in Singapore yesterday.

Dr Fatih Birol, the chief economist at IEA, told MediaCorp that oil producing countries need to spend US$100 billion (S$130 billion) per year on upstream investment and production over the next four years to ensure output meets demand. Demand is growing fastest in emerging economies including China, he added.

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