ABU DHABI (Sputnik) — At the same time, the International Energy Agency (IEA) predicts, that oil prices could continue at close to $50 per barrel until 2020 before rising to $85 per barrel.
"We believe that the price will remain at $60 per barrel for another three years, until the supply [in the global oil market] continues to exceed demand," Townshend was quoted as saying at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) by the FreeNews news portal.
Oil prices around the world dropped from $100 to $50 per barrel for Brent crude in mid-2014 due to oversupply in the global market.
Turkey oil (File)
© AP Photo / Kevin Frayer
