International Energy Agency (IEA): oil prices will reach $80 a barrel by 2020

Market news

10 November 2015

International Energy Agency (IEA): oil prices will reach $80 a barrel by 2020

The International Energy Agency (IEA) released its World Energy Outlook on Tuesday. The agency said that oil prices will reach $80 a barrel by 2020.

The IEA expects investment in oil to drop more than 20% in 2015, and is expected to decline in 2016.

IEA Executive Director Fatih Birol said in an interview with CNBC on Tuesday that the oil production in Iraq, Brazil, Canada and Russia will slow down.

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