Mubasher TV
Contact Us Advertising   العربية

Oil price rebound may take some time - IEA

Oil price rebound may take some time - IEA


Oil prices may drop further, and rebound may take some time despite signs that the downward trend may be over by mid-2015, the International Energy Agency (IEA) said on Friday.
The price of crude oil has plummeted nearly 60% in six months, and the two oil global benchmarks are traded below $50 per barrel due to high-quality supply and light oil from the United States and Canada. Consequently, demand has been hit at a moment where global economic growth is slow.
Despite the collapse of prices, the organization of Petroleum Exporting Countries (OPEC) has not cut production.
"How low the market's floor will be is anybody's guess. However, the sell-off is having an impact. A price recovery barring any major disruption may not be imminent, but signs are mounting that the tide will turn," the IEA said.
Photo Credit: Arabianeye-Reuters