The global economic slump that has curbed energy demand and pushed oil prices down in recent months may provide only a short-lived respite for consumers, according to the world’s top energy forecaster.
The International Energy Agency, which advises industrialized nations on energy policy, warned on Thursday that the supply shortfalls that pushed oil prices into triple-digit territory this year are far from resolved, and could lead to a new period of high prices.
Oil has plummeted from its summer peak in recent weeks as the financial and economic slowdown reduced consumption. But many analysts believe oil could bounce back quickly once economic growth resumes. On Thursday, oil futures in New York settled at $60.77 a barrel, down $4.53, their lowest level in 19 months. Prices are now 58 percent below their peak of $145.29 a barrel in July.
Part of the problem, the report found, was that decline rates at existing fields were accelerating, meaning that more oil needs to be found and produced to keep global production from falling.
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