IEA Says Oil Costs Too Much; EU Official `Happy’ With Prices

The International Energy Agency’s chief economist, Fatih Birol, said current oil prices of more than $50 a barrel are too high, at about five times the average cost of production. The European Union’s senior energy official, Andris Piebalgs, said he approved of the current prices.

Shell Chief Executive Officer Jeroen van der Veer said at the same press conference the world needs a “real international framework” on limiting carbon dioxide emissions and said he would like to see the U.S. and other nations adopt an emissions-trading system similar to the European Union’s.
Bloomberg