International Energy Agency predicts price per oil barrel can rise to $135 by 2035 without agreement on global climate change policies.
According to predictions done by the International Energy Agency (IEA), failing to implement ambitious global climate change policies and cut fossil fuel subsidies will see oil prices skyrocket over the next two decades. The IEA is the global body tasked with monitoring oil supplies, which is set to warn in a report next week that the world is on the brink of yet another oil price shock.
The energy watchdog predicted in its annual World energy Outlook report –due to be released on 9 November and seen in draft format by the Financial Times- that by 2035 strong environmental policies could result in per-barrel oil prices $20 lower than a business-as-usual scenario. But it cautions that without action, oil prices could soar from around $85 a barrel today to $135 by 2035.