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
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
- Pipeline Hydro Test Pressure Determination
- Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction
- Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project
- Japan Looks at Developing Domestic Pipelines Sector
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
Comments