Investment in new oil production is likely to fall for a third year in 2017, according to the International Energy Agency (IEA).
The prediction comes as the global supply glut persists with continued volatility in crude markets.
Chief executive Fatih Birol said analysis showed the world was entering a “greater period of oil price volatility” as a result of the continue decline.
He said: “This is the first time in the history of oil that investments are declining three years in a row.”
Birol added it would cause “difficulties” in global oil markets in a few years.
Earlier this month he said US shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtail production to prop up prices.
Recommended for you
