IEA Sees No Oil Price Rebound For Years

Oilprice.com ^ | 11-11-2015 | IEA

[bananaman22]

Oil prices are likely to stay below $80 per barrel for another five years, according to a closely watched energy report.

The International Energy Agency released its 2015 World Energy Outlook (WEO), with predictions for energy markets out to 2040. Although there are no shortage of caveats, the IEA projects that oil prices will only rebound slowly and intermittently, and the supply overhang will slowly ease through the rest of the decade. In its “central” scenario, it sees oil prices rebalancing in 2020 at $80 per barrel, with increases in the years following.

At issue, as always, is supply and demand dynamics. The IEA estimates that the oil industry will slash upstream investment by 20 percent in 2015, which will cut into long-term supply figures. Non-OPEC supply will peak before 2020 as a result of much lower investment, topping off at 55 million barrels per day.

[Jewbacca]

They are always wrong.

[rey]

Yes. I was about to say, isn’t this the same group that a few years ago said the price was going to rise exponentially forever? I exaggerate, of course.

[butlerweave]

I can’t remember the last time Obama said the word Oil .Oh wait he said the GOP wants to sell of the Strategic Reserve ,but did he say oil

[chajin]

Me too :-) my first thought was, “Well that’s it for $2 gas; whenever they say the oil price is staying low, that’s when it goes up.”

[Jewbacca]

Worse predictive track record than toe-sucker Dick Morris.

[rey]

It would be interesting if someone did a study if one invested opposite of what certain groups like this said how the might have fared.

[bmwcyle]

Until next years election is over.

[Vigilanteman]

Time to go long on Exxon-Mobil.

[Vigilanteman]

I kid you not as took the opposite picks of ObaMao in a company basketball brackets pool one year and garnered 2nd place.