Fatih Birol News

Oil Heads for Third Straight Weekly Loss

as it did in the 1970s and 1980s. Russia has long maintained informal contacts with OPEC and hinted in the past it might be ready to cut oil production to prop up prices. The seemingly unstoppable decline in oil is raising concerns about investment in future supplies, IEA Executive Director Fatih Birol said on Friday in Singapore. "The current low oil price makes me worried because it means lower investments in new oil projects," he said. "This year, oil investments declined more than 20 percent and more importantly we expect it will decline next year as well," Birol