ANKARA
Potential investors should re-evaluate their investment plans in the U.S. if oil prices continue to fall, Fatih Birol, chief economist at the International Energy Agency said Tuesday.
Birol commented on the International Energy Agency's latest World Energy Outlook at the Council on Foreign Relations at Colombia University.
The U.S. might have to further borrow money if the oil price decline trend continues, according to Birol. He further advised investors to reconsider investing in North America as it might not be in their best interest.
"In the coming years, oil prices might be lower than current levels with negative effects," he added.
Birol underlined that low oil prices will affect upstream explorations and oil drilling in the Arctics and in underwater reserves which are difficult to extract.
The International Energy Agency reviewed the energy sector and examined effects of the global energy mix, as well as provided forecasts on the sector's future covering the period up to 2040 in the energy outlook published on Nov. 12.
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