IEA: Oil prices may grow to $80 per barrel by 2020

HOUSTON, Feb 24 (PRIME) -- The oil price will remain low this year, but it may start to grow from mid-2017 and rise to U.S. $80 per barrel by 2020, the International Energy Agency Executive Director Fatih Birol said on February 22 in the agency’s presentation of its forecast for the oil sector’s development.

“This year we still expect that prices will be low, but we see a rebound from the middle of 2017, and by 2020 (the price will reach) $80 per barrel,” he said.

China’s oil demand will grow by 2.5 million barrels per day every year, he added.

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