The International Energy Agency (IEA) has in its World Energy Outlook today announced that there is a possibility that Crude Oil will return to $80 per bbl before the end of 2020.

IEA expects demand growth to rise yearly by 900,000 bbl/d by 2020, so as to meet a demand of 103.5 million bbl/d by 2040.

"Our expectation is to see prices gradually rising to $80 around 2020," Fatih Birol (photo), the executive director of IEA said adding that they estimate this year and next year’s investments to fall more than 20%.

Oil Companies have struggled with the decline in prices by cutting expenditures, slashing thousands of jobs as well as suspend significant projects globally, Engineering news reports.