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IEA sees encouraging economy signs to lift oil prices
Published on December 9, 2009 by oilprices · No CommentsOil prices may rise in 2010 as “encouraging” economic data presage a global recovery, the IEA’s chief economist said Tuesday.
“If you look at the broader picture, there are definitely encouraging signs,” including jobs numbers from the US, the world’s biggest oil and gas consumer, Fatih Birol said in an interview with Dow Jones Newswires. “In the longer term, we should definitely forget about the price levels we have seen in the last 15 to 20 years. The era of cheap oil is over.”
Russian may avoid seeing its oil output slip from a post Soviet record of more than 10 million barrels a day if the government continues to stimulate the economy and support state-controlled companies.
“Stimulus of the fiscal regime is the key word to keep Russian output stable,” Birol said.