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Large Spike in World Oil Prices Could Come in a Few Years

World oil prices are likely to remain relatively low over the next year, but a new medium-term market report from the International Energy Agency (IEA) — the world's oil consumer body — predicts a big increase after that, with prices at around $80 a barrel, double what they are now. The report’s authors say the downturn in prices over the past year-and-a-half led to a downturn in investment, which undermines producers' ability to ramp up production again when demand...

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