Oil prices won’t rebound to $100 a barrel before 2020 to 2025, when U.S. shale production will gradually start to decline, according to a former head of the International Energy Agency. Demand for crude in China, India, Southeast Asia and Africa will drive up global prices in the “long term,” Nobuo Tanaka, who served for four years as the IEA’s executive director, said in an interview in Abu Dhabi. Tanaka left the IEA, an advisory body to the world’s industrialized nations, in September 2011 and currently works as a professor at the University of Tokyo School of Public Policy. “Price will not go up to a hundred as easily as before,” Tanaka said. “The shale production in the U.S. will gradually slow down after 2020 or 2025, so again there’s a chance of higher prices coming after that.” Brent crude, a global pricing benchmark, dropped 44 percent in the […]