IEA’s Birol: Oil price hike from OPEC deal could trigger a jump in US shale output

During an interview with Bloomberg TV, the Paris-based International Energy Agency (IEA) director general Fatih Birol said that an OPEC output cut agreement likely to be reached next week, could send oil prices higher to US$60 a barrel and trigger a jump in global output, particularly from US shale producers.

Key Quotes:

"Many people expect a freeze or a cut from the Vienna meeting,"

"But we should also think about the next steps after the possible cut or freeze." 

"This is the first time in the history of oil that investments are declining for three years in a row"  

"As a result, we may see bigger difficulties in a few years time"

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