IEA Sees Oil Investment Revival After a Two-Year Rout

Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency said.

There are “signs of a modest recovery” in spending in 2017 following two years of big investment cuts, the Paris-based agency said Monday in a report. The IEA doubled forecasts for production growth outside OPEC next year as U.S. shale producers emerge “leaner and fitter” from the downturn.

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