In the IEA predicted the largest decline in oil production outside OPEC for 25 years

World oil prices rose on Thursday on the background of statements by the Executive Director of the International energy Agency (IEA) Fatih Birol of the IEA in 2016 expects the highest in 25 years, the reduction of oil supply from countries outside OPEC.

Low oil prices over the past two years has reduced investment by about 40% because of falling markets in the U.S., Canada, Latin America and Russia, and this year we expect the largest drop, said on Thursday Birol in Tokyo, reports The New York Times.

“This year we expect the biggest in the last 25 years the decline in oil supplies from countries outside OPEC, to nearly 700 thousand barrels per day,” said Birol.

He noted that the growth in global demand, where leaders are now China and India and other developing countries, now has a “hectic pace”.

The words of the heads of the IEA led to a rise in oil prices, says the NYT. The price of a barrel of Brent crude oil during the trading session in London rose above $46 a barrel for the first time from November 2015.

As noted by Reuters, citing an analyst, Sumitomo Mitsui Asset Management Masahiro Ichikawa, the mood of brokers is also influenced by the rumors that largest oil producers able to meet again to discuss the freezing of the production level.

Earlier in April, the IEA’s experts said that the oil market will be close to balance by the end of this year. This will contribute, in their opinion, the decrease in the surplus of oil on the world market in the second half of the year.