* Fall in upstream oil investment could lead to future price spikes * Recent rally in oil prices supported by fall in non-OPEC production * Urges G7 countries to find ways to encourage oil investment US oil production could recover if prices rose to $60-$65/b but the impact would not be immediate, International Energy Agency Executive Director Fatih Birol said May 1. In an interview with S&P Global Platts on the sidelines of the G7 Energy Ministerial meeting in Kitakyushu in southwest Japan, Birol said that even if oil prices climbed over $60/b, US crude production would take six to 12 months to rescind the current trend of falling output. “It will take a lot of time to bring the logistics, the rigs, the workers together so we think we may need six months to one year [for] US oil production to come back and see a reverse in […]