International Energy Agency: Oil prices to sharply climb by 2020

Baku. 22 September. REPORT.AZ/ Despite restored oil revenues in a certain sense in the world market, there is no growth in the volume of investment in the oil industry. No increase in spending on new projects will lead to sharp growth in oil prices by 2020. 

Report informs citing the Forexpf.ru, International Energy Agency (IEA) said.

The head the IEA's oil industry and markets division Neil Atkinson said that, there is still no significant growth in investments in the oil market: “This could aggravate the situation in the oil market over the next five years and create a risk for the stability of oil prices”.

N. Atkinson said oil prices could rise sharply as it was 10 years ago in the light of the increase in demand in the oil market: “In the background of the increasing demand and stable supply, the reserves of Saudi Arabia's will decline. As a result, prices will begin to rise and in order to meet demand OPEC will stop its deal on production cut. Growth in consumption volumes will lead to a complete melting of surplus resources, which in turn will cause a sharp increase in oil prices”.