Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, mostly because of prolonged global oversupply and weak demand, Sputnik reported.
"We expect 2016... [that] there will be a weak price environment. As of 2017 we see a rebound and expect 2020 to reach $80," Birol said.
US oil supply growth will slow down to 4.1 million barrels per day in the next six years, Birol added.
"What we see is that supply growth is going to slow down substantially. In the last six years we have seen 11 million barrels per day growth in supply, half of it coming from the United States, [which] slows down to 4.1 million barrels per day," Birol told reporters at the presentation of the IEA Medium-Term Oil Market Report.
Birol explained that the slowdown is taking place due to the decline in investment and low oil prices.