The International Energy Agency (IEA) released its brand new World Energy Outlook on Tuesday. The report includes the IEA’s most up-to-date oil demand, production and pricing estimates in what has been an extremely volatile and unpredictable global commodities market.

The Numbers

In its base case, the IEA is predicting that oil prices will rebound to $80/bbl by 2020. The agency is projecting that global demand growth will rise by about 900,000 barrels per day through 2020 and reach 103.5 million bpd by 2040.

The IEA’s oil price projections are in line with OPEC’s recent $80/bbl price projections through 2020.

Investment Cuts

In terms of the huge glut that caused the price of oil to fall by more than 50 percent from peak levels, the IEA sees…

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