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International Energy Agency: Oil prices will rebound to $100

06 November 2008 08:48 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil prices will rebound to more than $100 a barrel as soon as the world economy recovers, and will exceed $200 by 2030, the International Energy Agency will say in its flagship report to be published next week, Financial Times reports.
The IEAâ€™s World Energy Outlook has come to this conclusion largely because it believes companies will struggle to pump enough new oil to offset the steep production declines of the worldâ€™s older fields.
The developed worldâ€™s energy watchdog has doubled its long-term price expectation from last yearâ€™s $108 a barrel for 2030 and assumes oil prices will rebound from todayâ€™s $60-$70 a barrel to trade, in real terms adjusted by inflation, at an average of more than $100 a barrel from 2008 to 2015.