Oil at $65-70 risks encouraging more shale output: IEA

Fatih Birol, Executive Director of the International Energy Agency attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich/Files

ABU DHABI (Reuters) - Fatih Birol, head of the International Energy Agency, said on Friday that while oil prices at $65 to $70 per barrel is good for oil producers now, there is a risk that such a level would encourage more oversupply from U.S. shale drillers.

Birol, speaking at an industry conference in Abu Dhabi, also said that there might be a further decline in production from OPEC member Venezuela in 2018 as its economic crisis hits production.

(Reporting by Rania El Gamal, Maha El Dahan; editing by Jason Neely)