IEA: Upstream oil investment likely to fall again in 2017
The International Energy Agency (IEA) expects investment in new crude oil production to fall for a third straight year in 2017 amid a continued global supply glut, Reuters reported Thursday.
While expected production cuts from OPEC are expected to moderately boost prices, "Our analysis shows that when prices go to US$60, we'll make a big chunk of US shale oil economical," IEA director general Fatih Birol was quoted as saying.
He added, "And this may again put downward pressure on the prices."
Birol's comments echo the latest edition of IEA's World Energy Outlook, which said that if new upstream project approvals remain low in 2017, a new boom-and-bust cycle is all but imminent.
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