IEA warns of spike in oil prices if major projects are not started

The International Energy Agency (IEA) says crude oil prices could spike sharply in a few years unless the oil industry starts to invest in major projects again, according to The news site says the IEA expects growth in global oil demand to outstrip production increases, with demand growing 7.4 million barrels a day and output rising 5.6 million barrels a day by 2022. That could strain the resources of the Organization of Petroleum Exporting Countries, shrink spare oil production capacity and “leave markets short of oil if supply levels suddenly dropped because of a war or geopolitical tension,” FuelFix says. For more, read the full story.