Head of Agency Fatih Birol noted low oil price led to 40% decline in investments during past two years: “This is mainly observed in USA, Canada, Latin America and Russia. We are expecting 700,000 b/d, which is the lowest in the past 25 years. Along with this, oil demand grows in India, China and other developing countries”.
At the same time, another reason of the oil price rise is lower oil reserves in the US while they were forecasted to increase 2.4 mln barrels. However, the reserves increased 2.1 mln barrels.
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