Oil price to rise to $125 by 2035: IEA

Agence France-Presse

Posted at Nov 12 2012 06:31 PM | Updated as of Nov 13 2012 02:31 AM

PARIS - The price of oil will reach $125 a barrel in 2035, the International Energy Agency said on Monday, up from the current price of about $107.

Driven by an increased demand from emerging nations, the forecast was an increase from $120 predicted a year ago, the OECD-linked energy watchdog said in an assessment of the energy markets of tomorrow.

The IEA also said the United States is to become the world's top producer around 2020, overtaking Saudi Arabia until the middle of that decade.

"The recent rebound in US oil and gas production ... is spurring economic activity ... and steadily changing the role of North America in global energy trade," the agency said in its annual outlook on the energy markets of tomorrow.