PARIS - The lack of investment in new oil projects risks creating a new market upheaval in several years, the International Energy Agency warned on Wednesday. The oil market has been plagued for the past couple of years by oversupply, with the price of a barrel of oil plunging from over $100 in mid-2014 to under $30 at the beginning of this year. As a result, oil companies have slashed investment into new projects. After peaking at $780 billion in 2014, investment in exploration and production dropped by $200 billion last year, and should drop by another $140 billion this year, according to the IEA. Both the IEA and Opec see demand for oil continuing to grow through 2040.

Source: Bangkok Post November 16, 2016 11:15 UTC