Answering a question of journalists in Tokyo, did the world prices for oil in the bottom, Birol said that it is quite likely. However, he said that much will depend on global economic growth.
According to the head of the IEA, OPEC countries this year will increase production by 1.2 million barrels a day, while other large producers will decrease production by more than 700 thousand barrels.
At the end of April Birol made a forecast that oil prices will regain their equilibrium at the end of this year or in 2017. Then he also said that this will be the case unless there is a strong downturn in the global economy. According to the head of the IEA, the price of $45 per barrel, considerably below the optimum figure.
Yesterday, Bloomberg published the opinion of experts BNP Paribas and UBS Group, suggested that the world prices for oil in the coming weeks, expect a serious drop to $30 per barrel. They explained this by the fact that the growth in prices observed in recent months, stimulates the restoration of the position of producers of shale oil in the United States.