January 12, 2018 / 12:47 PM / 2 months ago

Oil at $65-70 risks encouraging more shale output: IEA

ABU DHABI (Reuters) - Fatih Birol, head of the International Energy Agency, said on Friday that while oil prices at $65 to $70 per barrel is good for oil producers now, there is a risk that such a level would encourage more oversupply from U.S. shale drillers.

Fatih Birol, Executive Director of the International Energy Agency attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich/Files

Birol, speaking at an industry conference in Abu Dhabi, also said that there might be a further decline in production from OPEC member Venezuela in 2018 as its economic crisis hits production.

Reporting by Rania El Gamal, Maha El Dahan; editing by Jason Neely

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