Oil prices will only rise moderately over the next 20 years according to estimates from the International Energy Agency. The IEA released the 2013 edition of its much-anticipated World Energy Outlook, which projects oil prices to rise steadily but slowly to $128 per barrel (in 2012 dollars) by 2035. Leaving aside the fact that these projections are usually way off, the report bases its rosy figures on some pretty tenuous developments. For example, for prices to keep from spiking much higher than the projected $128 per barrel, production will have…

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via OilPrice.com Daily News Update http://oilprice.com/Energy/Crude-Oil/World-Depends-on-Two-Countries-for-Increase-in-Oil-Production.html