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Mideast should boost oil investments: IEA

: Wednesday, June 04 - 2014 @ 02:02

The International Energy Agency (IEA) has said a potential shortfall in investment in production in the Middle East could create a $15 spike in the oil price by 2025, Reuters has reported. The world will need to be a total of $40trn invested in energy supply and $8trn on energy efficiency by 2035 to meet growing demand and falling output from mature sources of energy, the agency said. “The prospects for a timely increase in oil investment in the Middle East are uncertain: there are competing government priorities for spending, as well as political, security and logistical hurdles that could constrain production,” the report said. “If investment fails to pick up in time, the resulting shortfall in supply would create tighter and more volatile oil markets, with prices that are $15 per barrel higher on average in 2025.”

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Wednesday, June 4- 2014 @ 2:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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