You are here: Home » Reuters » News
Business Standard

Oil at $65-70 risks encouraging more shale output: IEA

Reuters  |  ABU DHABI 

ABU DHABI (Reuters) - Fatih Birol, head of the International Energy Agency, said on Friday that while oil prices at $65 to $70 per barrel is good for oil producers now, there is a risk that such a level would encourage more oversupply from U.S. shale drillers.Birol, speaking at an industry conference in Abu Dhabi, also said that there might be a further decline in production from OPEC member Venezuela in 2018 as its economic crisis hits production. (Reporting by Rania El Gamal, Maha El Dahan; editing by Jason Neely)(This story has not been edited by Business Standard staff and is ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, January 12 2018. 18:16 IST