IEA sees only partial rebound in oil prices
It also forecasts US shale oil output growth will slow to a trickle this year
London
GLOBAL oil prices will recover only partially from spectacular lows, which are unlikely to spur economic growth or kill off US shale gas production, the International Energy Agency (IEA) said on Tuesday.
The IEA said in its five-year forecast that crude prices will recover from around their current range of US$50-US$60 per barrel, but remain well below the level of more than US$100 per barrel seen before the slump began last June.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices