Oil prices back to boom/bust if 2017 investment slow: IEA

摘要

A new boom-bust cycle in oil prices is likely to start later this decade if investment in upstream projects is delayed again next year, according to the International Energy Agency (IEA). In its annual World Energy Outlook, the IEA warned that deferred spending could turn the global oil glut into a supply shortage within years. "In 2015, the volume of conventional crude oil resources that received development approval fell to its lowest level since the 1950s and the data available for 2016 show no sign of a rebound. A lot of attention is focused on the remarkable resilience of US tight oil output through the current downturn and its potential ability to respond in a matter of months to movements in price," the report says.