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‘Era of cheap oil is over’ — IEA

Double whammy: declining oil production, beyond what the IEA had previously thought, combined with the high costs of finding new oil, compel the IEA to double its long-term price expectation ($200 oil by 2030; first things first: $100+ avg per bbl from 2008-2015). Details in the clip below by way of the FT.

clipped from www.ft.com IEA predicts oil price to rebound to $100 Oil prices will rebound to more than $100 a barrel as soon as the world economy recovers, and will exceed $200 by 2030, the International Energy Agency will say in its flagship report to be published next week. “While market imbalances could temporarily cause prices to fall back, it is becoming increasingly apparent that the era of cheap oil is over,” the report states.