Low oil prices could lead to global fuel shortages in the future, the International Energy Agency has warned.
The IEA said Tuesday that while low prices are good for consumers, they could eventually “trigger energy-security concerns.”
The low prices are squeezing U.S. shale and other high cost producers. Many have been forced to slash investment budgets to cope with the new reality.
The IEA said that spending on exploration and production has fallen 20% this year, and it warned against further cuts.
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