IEA: No sharp increase expected in oil price in near future

Baku. 21 December. REPORT.AZ/ Increase of US oil production will change balance in global energy market, Fatih Birol, the Executive Director of the International Energy Agency (IEA), has said in Istanbul, Report informs citing foreign media.

According to him, after this, the Middle Eastern countries and Russia won’t be able to set oil price around the world.

He said that the US oil production will grow to the level of Russia and Saudi Arabia until 2025 and that he does not expect a sharp increase in oil price in the near future.

Commenting on Qatar’s quit from OPEC, Fatih Birol said that this was unexpected.