November 2, 2010 / 3:37 AM / 9 years ago

IEA: $70-$90 price needed to invest in unconventional oil

SINGAPORE, Nov 2 (Reuters) - An oil price range of $70-90 per barrel is needed to stimulate investment in unconventional oil resources, Nobuo Tanaka, executive director of the International Energy Agency (IEA), said on Tuesday.

“For unconventional oil sources like oil sands, this level ($70-$90) is necessary for corporations to invest,” Tanaka told Reuters on the sidelines of a press conference.

“But does this warrant healthy economic growth? It’s an interesting question. We don’t know the answer.” (Reporting by Jennifer Tan; Editing by Himani Sarkar)

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