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Oil not back to USD 80 per barrel until 2020 - World Energy Outlook

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Oil is unlikely to return to USD 80 a barrel before the end of the decade, despite cutbacks in investment, as annual demand growth struggles to top one million barrels per day, that's according to the the International Energy Agency.

In its World Energy Outlook, the IEA's executive director Fatih Birol points out that declines in oil production spending will see a reduction in production and so lead to a steady price rise; "In the last 25 years, we have never seen two consecutive years where the investments are declining and this may well have implications for the oil market in the years to come." 

Saxo Bank's Head of Commodity Strategy Ole Hansen gives us his analysis of the latest IEA report and what this means for traders.