Russian official: $150 oil possible if investment drops

The International Energy Agency forecasts that investment in exploration and oil production will fall 21 percent this year. “This will inevitably bring about a cut in production and will automatically drive the price of oil up. And the Saudi Arabian oil minister’s forecast of $150 a barrel in two or three years could prove to be realistic,” Deputy Russian Prime Minister Igor Sechin said at the economic forum in St Petersburg.
Energy Current