IEA economist sees upward pressure on oil prices by year-end

[DAVOS] Oil prices will face upward pressure by the end of the year, the chief economist of the International Energy Agency (IEA) said on Wednesday, as a fall of more than 50 per cent in the price of crude since last June is expected to eventually curtail some production.

Fatih Birol of the IEA was appearing on a panel with Opec Secretary General Abdullah al-Badri at the World Economic Forum in Davos, Switzerland.

Mr Badri argued that Opec oil producers were right not to cut production despite the price fall.

REUTERS