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Commodities Briefing - Categorized | Investment, Oil more

IEA head sees oil companies investing enough

Posted on 10 January 2013

The global oil sector is investing enough and there is sufficient oil supply, the head of the International Energy Agency said Wednesday and added that she hopes the high oil prices hampering economic recovery will fall. “The strange thing is that nobody can say the supply is not sufficient,” Maria van der Hoeven said. “I really do hope, but it’s a hope, that the prices will be adjusting in a different way.”
Except for a couple of months, Brent oil prices have been above $100 a barrel for two years, significantly increasing the bill for oil importers, while boosting the earnings of oil exporters. Organization of the Petroleum Exporting Countries’ oil-export revenues reached a record $1.1 trillion in 2011, according to the IEA………………………………………..Full Article: Source


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