NEW YORK: The International Energy Agency (IEA) has stated that oil prices are expected to increase smoothly. On the other hand it also warned old highs would not nearly be reached in the coming years.
IEA officials said oil prices were bound to recover at a fast pace, but the agency’s Medium term Oil Market report hastened to add that big leaps were not to be expected.
“The market rebalancing will likely occur relatively swiftly, but will be comparatively limited in scope,” the document said.
The US benchmark oil contract fell from nearly $110 (97 euros) a barrel last summer to under $45 this year before a recovery to around $53 per barrel in recent days.
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