Oil prices will start climbing in 2017, rising to $80 a barrel in coming years as production declines in some regions and global demand continues to grow, the executive director of the International Energy Agency said Tuesday. Robust output in the U.S., Saudi Arabia and other countries has resulted in a glut of crude , which has pushed oil prices down about 40% in the past year. U.S. and global prices are currently hovering slightly above $40 a barrel . Oil prices at $50 a barrel or lower are “not sustainable,” said Fatih Birol, head of the IEA, in an interview with The Wall Street Journal. Mr. Birol’s comments reiterate the agency’s forecasts released last month. The Paris-based IEA expects production in nations outside the Organization of the Petroleum Exporting Countries to drop by more than 600,000 barrels a day in 2016, the largest decline since 1992, as […]