In a newly-released report, IEA said it expected oil prices to start picking up in 2017.

 

But it forecasts that it would be hard to see a price spike¹ in the short term unless there is an unexpected fall in non-OPEC oil production, or a large demand increase. 

 

The report suggests oil supply will continue to exceed demand in 2016 by 1.1 million barrels per day.

 

At the same time, IEA Executive Director Fatih Birol has gone on-record as saying the impact of the output freeze deal proposed by Russia and Saudi Arabia may be limited. 

 

Brent crude has slightly recovered after touching² a 13-year low in January. 

 

On Monday, the price stood at nearly 35 US dollars, up some 5 percent.

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