Oil could hit $150 per barrel near term - IEA

Oil prices could reach $150 per barrel in the near term if investment in the Middle East and North Africa (MENA) region falls, the International Energy Agency (IEA) said in its annual World Energy Outlook.

"If, between 2011 and 2015, investment in the MENA region runs one-third lower than the $100 billion per year required, consumers could face a near-term rise in the oil price to $150 per barrel," the report said.

The IEA, adviser to major oil consuming countries, said world oil demand would rise steadily over the next two decades to reach around 99 million barrels per day (bpd) by 2035.