IEA chief says oil price bottoming depends on global growth

International Energy Agency chief Fatih Birol said expected global oil demand to grow by 1.2 million barrels per day this year
IEA chief says oil price bottoming depends on global growth
Fatih Birol, Chief Economist of the International Energy Agency, (IEA). (LEON NEAL/AFP/Getty Images)
By Reuters
Sun 01 May 2016 02:20 PM

International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth.

Asked if oil prices had reached a bottom, Birol told Reuters: "It may well be the case, but it depends on economic growth."

He expected global oil demand to grow by 1.2 million barrels per day this year while non-OPEC oil production would fall by more than 700,000 bpd.

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