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The International Energy Agency (IEA) warned in its last report that the current investment decline in the energy sector as a result of the global credit squeeze could push oil prices to a new high in the long run. And that could further slow the eventual economic recovery. Affected by weakening demand, international oil prices plunged from a record 147 US dollars in July to 55 US dollars on Monday. But the IEA says the slump won't last long. In its latest report on the World Energy Outlook, the IEA predicts oil prices could rebound and top 200 US dollars a barrel by 2030 as supplies grow tight again when world energy demand picks back up. To read the full report, click here. << return to Newsline #59 |
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