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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 ...

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