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IEA predicts oil prices could top $200/barrel by 2030

24 Nov 2008 - Sabina Griffith

The International Energy Agency (IEA) warned in its last report that the current investment decline in the energy sector as a result of the global credit squeeze could push oil prices to a new high in the long run. And that could further slow the eventual economic recovery. Affected by weakening demand, international oil prices plunged from a record $147 in July to $55 on Monday. But the IEA says the slump won't last long. In its latest report on the World Energy Outlook, the IEA predicts oil prices could rebound and top $200/barrel by 2030 as supplies grow tight again when world energy demand picks back up. To read the full report, click here.

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