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

|By:, SA News Editor
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.