TOKYO: Crude oil prices will recover by 2017 at the latest, boosted by growing demand from emerging markets, said Faith Birol, director of the International Energy Agency.“This year we expect more supply cuts from countries outside OPEC, some 700,000 barrels per day less,” Birol said during a meeting with Japanese Prime Minister Shinzo Abe.“Global demand for crude is growing at a healthy rate, led by India, China and other emerging economies,” the Japanese news agency Kyodo said.However, Birol said that conditions are tough for oil producing countries despite a recovery in the price of Brent crude of more than $45 per barrel.“I think $45 gives some relief to global crude producers, but it’s still too low to make shale oil production in the U.S. profitable,” he added.
NOTIMEX
Author Profile
- India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. Centre for Global India Insights is the research arm of India Writes Network. To subscribe to India and the World, write to editor@indiawrites.org. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs.
Latest entries
- China ConnectOctober 23, 2024“Our Diversity and Belief in a Multipolar World Are Our Strengths”: PM Modi at BRICS Summit
- DiplomacyOctober 23, 2024“BRICS: A Beacon of Hope for Global Unity and Reforms “
- DiplomacyOctober 23, 2024Deepening Ties Amidst Global Turmoil: PM Modi Meets Iranian President at BRICS Summit
- DiasporaOctober 22, 2024Explained: The Indian Diaspora in Kazan