Published on 12/01/2018 7:16:39 PM | Source: Reuters

Oil at $65-70 risks encouraging more shale output: IEA

ABU DHABI - Fatih Birol, head of the International Energy Agency, said on Friday that while oil prices at $65 to $70 per barrel is good for oil producers now, there is a risk that such a level would encourage more oversupply from U.S. shale drillers.

Birol, speaking at an industry conference in Abu Dhabi, also said that there might be a further decline in production from OPEC member Venezuela in 2018 as its economic crisis hits production.

(Reporting by Rania El Gamal, Maha El Dahan; editing by Jason Neely)