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Tuesday 10 Nov 2015 - 13:01 Makkah mean time-28-1-1437
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Paris (IINA) – Oil prices are set for a slow recovery, according to the latest report from International Energy Agency (IEA), which cautioned against the deep investment cutbacks in the industry, CNBC reported.
In its latest World Energy Outlook, the IEA's central scenario for oil prices forecast that the oil market would rebalance at $80 a barrel in 2020, "with further increases in price thereafter."
The IEA forecast that demand would pick up slowly to 2020, adding an average of 900,000 barrels a day per year, gradually rising to a demand for 103.5 million barrels per day by 2040, against 94.5 million barrels per day in 2015.
IEA Executive Director Fatih Birol told CNBC that the organization did not think a world in which the price of oil was stuck at $50 for "many many years" was a likely scenario. He added that Iraq production growth would slow down due to geopolitical turmoil, while growth in Brazil, Canada and Russia would also not be as strong as before.
AB/IINA
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