Fatih Birol: Oil price will be much more volatile in coming years

Baku. 17 January. REPORT.AZ/ If OPEC keeps production limits, it may lead to a rebalancing of the oil market within the first half of 2017. 

Report informs referring to Ria Novosti, the head of the International Energy Agency (IEA) Fatih Birol told in World Economic Forum in Davos.

He made three predictions related developments in oil market: “First, we are entering a period of much more volatility in the market; second, if oil prices remain on this level, U.S. shale oil will go back to increasing production this year; third, if OPEC keeps current production limits, we will see a rebalancing of the markets within the first half of this year”.

F.Birol didn’t make clear forecast on oil prices in 2017.