December 1, 2010 / 4:15 PM / 7 years ago

IEA sees natural gas oversupply, price rise

NEW YORK, Dec 1 (Reuters) - Natural gas oversupply will extend into the coming 10 years, the International Energy Agency’s (IEA) chief economist Fatih Birol said on Wednesday in a conference call organized by Credit Suisse on the World Energy Outlook.

Natural gas prices will also rise to $7 MMBTU , supported by growing demand from China and the Middle East and retirement of coal generating facilities worldwide, Birol said.

Among all fuels, demand for natural gas is likely to grow in all case scenarios devised by the agency, IEA said.

Reporting by Selam Gebrekidan; Editing by David Gregorio

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