U.S. shale oil production down for eight months

According to the World Energy Outlook published today, the International Energy Agency (IEA) believes that the oil price does not seem to reach to $80 per barrel before the end of the decade.

The reason for this cited by the IEA is the low rate of annual demand growth of 900,000 barrels per day in the next five years. 

At the same time, the low price level will discourage investments in oil production, it ie likely to reduce by more than 20% this year, says Commerzbank. The IEA expects a further reduction in investment next year. Never before in the past 25 years have there been two years of declining investment. The IEA expects this to have an impact on the supply of oil in the next few years.