IEA: Slashed spending by drillers could lead to price spike 


February 23, 2016

HOUSTON (AP) — Oil prices will more than double by 2020 as current low prices lead drillers to cut investment in new production and gradually reduce the glut of crude, the head of a group of oil-importing countries said Monday.

Fatih Birol, executive director of the International Energy Agency, said oil would rise gradually to about $80 a barrel.

Oil prices shot to more than $100 a barrel in mid-2014 before a long slide sent them crashing below $30 last month.

“There was a rise, there will be a fall, and soon there will be a rise again,” Birol said on the opening day of a huge energy-...

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