IEA warns against new oil price increases

The price of oil has risen significantly this year to the current price of USD 71. This level makes the IEA warn against consequences for new price increases.

Photo: /Ritzau Finans/AP/Jacob Ford

The price for a barrel of oil has now increased to a level that is possibly unsustainable in the long-term, according to an assessment by the International Energy Agency (IEA) following a substantial increase of the oil price to a current level of USD 71. The increase figures in a monthly report by the name "Mixed signals", which the agency has just published.

"Clearly, oil prices at USD 70/bbl for Brent, are less comfortable for consumers than they were at the start of the year, and the IEA has regularly warned of the dangers of prices rising even higher. Only time will tell if our current demand forecast proves accurate, but the risks are currently to the downside," writes IEA in its prognosis.

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