15.12.2011 - IEA says oil prices may hit US$150 a barrel if investment levels not maintained
World oil prices may jump to US$150 a barrel, if current investment levels are not maintained in the Middle East and North Africa. This is according to the International Energy Agency (IEA), which held its annual world energy outlook seminar in Singapore on Wednesday. Dr Fatih Birol, the Chief Economist at IEA, told MediaCorp the oil producing countries need to spend US$100 billion per year on upstream investment and production over the next four years to ensure output meets demand...............................................Full Article: Source
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