Oil price volatility is here to stay, notwithstanding recent producer pledges of output cuts aimed at calming the international market, the executive director of the International Energy Agency said Friday. “We are entering an era of more oil price volatility,” Fatih Birol said in a keynote address to delegates at the Atlantic Council Global Energy Forum Forum in Abu Dhabi. “We believe that this year, if there are no major oil projects starting, … in three to four years’ time we may see a significant supply-demand gap, with major consequences,” he elaborated. “This will not be filled by shale oil. This is why we may now be entering an era of greater oil volatility.” Birol stressed that the two consecutive years of declining global investment in oil development in 2015-2016 had no parallel in the history of the oil industry. Globally during the two years following the sharp decrease […]