IEA Says High Oil Prices Unsustainable Long-Term

While high oil prices may be around for a few more years, International Energy Agency boss Claude Mandil said Wednesday that they are unsustainable and that most producers want to see them drop.

Paris-based Mandil told reporters at an Australian oil and gas conference that prices of oil, up nearly 40% in the past year to about US$70 a barrel, are only just starting to damp demand at the consumer level.