International Energy Agency (IEA) said on Saturday that oil prices have finally bottomed out, noting oils’s ‘remarkable recovery’ over last weeks.
Recent sharp gains in the oil price, taking it to around dollar 40 per barrel now from dollar 28.50 in mid-January, do not necessarily mean that the worst is over, the IEA said in its monthly oil market report
Iran is coming back to the scene, with gradual invasion in the market.
However IEA added the demand and supply needs a lot of balance, which is estimated to be achieved around 2017.
IEA says that this year’s oil markets will be India, smaller Asian countries and middle east.
