Oil Prices Seen Staying Low Next Year as Demand Weakens
PARIS (AP) — The head of the International Energy Agency expects oil prices to remain low next year as demand weakens and supply remains high.
The price of oil fell this week to its lowest since early 2009, when the global economy was deep in crisis. The U.S. benchmark recovered 1.6% at $38.08 on Wednesday.
Fatih Birol, executive director of the IEA, which represents oil-consuming nations, told a news conference on the sidelines of the U.N. climate conference in Paris, said, “When we look at 2016, I see very few reasons why we can see growth in the prices.”
He warned, however, that investment in production is due to drop for a second consecutive year for the first time in 30 years. He noted that could cause “surprises” in supply in the future.
Related News
Related News
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- Evacuation Technologies to Reduce Methane Releases During Pigging
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Russian LNG Unfazed By U.S. Sanctions
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
Comments