Oil Price Bottoming Depends on Global Growth - IEA chief

Maritime Activity Reports, Inc.

May 1, 2016

International Energy Agency (IEA) chief Fatih Birol

International Energy Agency (IEA) chief Fatih Birol

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.

(Reporting by Osamu Tsukimori; Editing by Jacqueline Wong)
 

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