• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 1 day e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
A Powerful Family Army Is Forming in Eastern Libya

A Powerful Family Army Is Forming in Eastern Libya

Khalifa Haftar has named his…

China’s Secret Weapon in the Global Copper War

China’s Secret Weapon in the Global Copper War

China's strategic use of copper…

IEA Say that Oil Price May Fall to $89 a Barrel in Next Five Years

The International Energy Agency (IEA) has predicted that oil prices could fall over the next five years as a result of the slow global economy and low demand in comparison to the rising world production of oil following increased output from North America and Iraq.

The IEA has stated that the average price of oil per barrel should drop from $107 this year, to around $89 in 2017. They noted that “even China, the main engine of demand growth in the last decade, is showing signs of slowing down.” This poor economic growth, mixed with improvements to efficiency and a general theme to move away from fossil fuels, will mean that demand will be much lower than initially predicted.

Related Article: Smash the Rally in Oil

When they realised this the agency cut their growth forecasts for the period between 2011 and 2016 by 500,000 barrels a day, and this reduction will leave oil producers no option but to drop prices.

The IEA did, however, warn that due to the “exceptional uncertainty about the global economy and heightened regional geopolitical risks,” their predictions could turn out to be deceptive. The global environment surrounding the oil markets is just too unpredictable to make certain forecasts.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News