Friday 29 March 2024
 
»
 
»
Story

Birol ... oil prices will remain low for a long time.

IEA chief expects $45 oil 'for a long time'

VIENNA, September 29, 2015

The executive director of the International Energy Agency, Fatih Birol, expects the price of crude oil to stay at around $45 a barrel "for a long time", he said in a newspaper interview published on Tuesday.

When asked by Austrian newspaper Kurier whether prices would ever exceed $100 a barrel again, Birol said: "I can only say that the oil price will remain low for some quarters."

"Forty five dollars a barrel will remain the price for a long time," he was quoted as saying.

Benchmark Brent crude futures were unchanged at $47.34 a barrel at 0615 GMT, while WTI crude futures were down 2 cents at $44.41 per barrel.

"Cheap oil is causing oil companies big problems," Birol said. "This year, they have reduced their investments by a fifth. Never in the history of these companies has there been an annual reduction as strong as this year." - Reuters




Tags: Energy | Oil | IEA |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads