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OPEC: IEA output forecasts could force up prices

Posted on 15 November 2012

Forecasts of rising U.S. production by the International Energy Agency, if they are not met, could lead to higher prices, the head of the Organization of the Petroleum Exporting Countries said Wednesday.
The IEA predicted Monday that the U.S. will overtake Saudi Arabia as the world’s largest oil producer by 2020 as a result of a shale output boom. “If the [IEA] estimates for U.S. production are not met,” that “could trigger the possibility of oil shortages and higher prices” as producers could have cut their investment based on these forecasts, Abdalla Salem el-Badri said in an interview………………………………………..Full Article: Source


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