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Cheaper oil is on its way, the IEA says in projecting lower oil prices over the next five years...

Cheaper oil is on its way, the IEA says in projecting lower oil prices over the next five years due to stronger oil supply increases and weaker energy consumption. Pointing to rising output from the U.S., Iraq and Libya, IEA sees increased production of 1.5M bbl/day vs. its previous forecast of 1.3M. But it’s worth noting the agency's patchy forecasting record that often has underestimated demand growth.
Comments (5)
  • It ignores geopolitical risk.
    12 Oct 2012, 09:36 AM Reply Like
  • And it ignores that OPEC will likely reduce supply as new supply comes online. The Saudis are pumping oil overtime to keep prices stable from Iran being shut out of the market. They will likely cut back on this as Iraq and Libya ramp up.
    12 Oct 2012, 12:00 PM Reply Like
  • and a terribly weak $$ thanks to Uncle Ben and Barry
    12 Oct 2012, 09:42 AM Reply Like
  • And emerging markets...and costs of development
    12 Oct 2012, 09:51 AM Reply Like
  • If we just drilled more and relaxed regulation everything would be fine.
    12 Oct 2012, 11:01 AM Reply Like
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