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Page added on December 29, 2008

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Oil said to back near $100 by 2010-2015

ISTANBUL (Reuters) – Oil prices may rebound to around $100 per barrel between 2010 and 2015, International Energy Agency Chief Economist Fatih Birol predicted on Monday.


Birol told an energy conference that he saw downward pressure on oil prices in 2009 but said he expected prices to move up again in 2010 with a recovery in the world economy.


Oil is on track for a nearly 60 percent loss this year, the biggest annual fall since futures began trading 25 years ago.


Oil prices rose above $40 a barrel on Monday, up nearly 8 percent on the previous session, after violence between Israel and Hamas served as a reminder of tensions that could threaten crude supplies from the Middle East.


Energy investments have taken a hit around the world from the global economic crisis, Birol said.


“The projects aimed to develop oil fields are being postponed. This poses a great risk. Demand will pick up when the world economy starts recovering,” he said.


“Because oil supply will be limited due to today’s postponed investments, a serious supply-demand problem will emerge in 2010,” Birol said.


Reuters



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