PARIS — The head of the International
Energy Agency expects oil prices to remain low next year as demand weakens and
supply remains high.
The price of oil fell this week to its
lowest since early 2009, when the global economy was deep in crisis. The U.S.
benchmark recovered 1.6 percent at $38.08 on Wednesday.
Fatih Birol, executive director of the
IEA, which represents oil-consuming nations, told a news conference on the
sidelines of the U.N. climate conference in Paris: "When we look at 2016,
I see very few reasons why we can see growth in the prices."
He warned, however, that investment in
production is due to drop for a second consecutive year for the first time in
30 years. He noted that could cause "surprises" in supply in the
future.
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