IEA: oil prices will gradually rise to $80 per barrel by 2020

MOSCOW, 10 Nov. Oil prices will rise to 80 USD per barrel by 2020, despite an unprecedented decline in investment, according to the International energy Agency (IEA).

“We expect to see prices gradually increasing to $ 80 by 2020. According to our estimates, investment in oil this year will fall by more than 20%. But that is probably more important, this decline will continue next year”, — quotes Reuters the words of the Executive Director of the IEA Fatih Birol.

He noted that the reduction in investment two years in a row “may affect the oil market with the coming years.”

The IEA projections coincide with the projections of OPEC. Earlier it was reported that the Organization of countries-exporters of oil expects that the average price of oil could rise to $ 80 per barrel by 2020. In the medium term, OPEC expects demand for oil due to low prices. In the future, the cartel predicts that the average price for oil will grow by about $ 5 every year until 2020.

Since the beginning of summer 2014 to early 2015, oil prices have fallen more than twice — from 100 to 45 dollars per barrel mark Brent. The collapse in prices last year has reinforced the decision by OPEC November 27 save quota for oil production at 30 million barrels per day. Currently Brent crude is trading at $ 49 per barrel.