IEA warns of 50% oil price rise by 2030

By Carola Hoyos in London
Published: November 2 2005 22:12 | Last updated: November 2 2005 22:12

The International Energy Agency, the oil sector monitoring body, on Wednesday said that oil prices by 2030 would be 50 per cent higher than today if Saudi Arabia did not muster the political will to invest billions of dollars in new production.

Fatih Birol, the group's chief economist, said in an interview with the Financial Times that Saudi Arabia, the most important oil producer, might not make the investment needed to ensure production met the strong demand growth in China and India.