(MENAFN- The Peninsula) The United States will remain the world's top source of oil supply growth up to 2020, even after the recent collapse in prices, the International Energy Agency said, defying expectations of a more dramatic slowdown in shale growth.
The agency also said in its Medium Term Oil Market report that oil prices, which slid from $115 a barrel in June to a near six-year low close to $45 in January, would likely stabilise at levels substantially below the highs of the last three years.
But IEA Executive Director Maria van der Hoeven, launching the report in London, said while Opec may win back some customers while prices are low, it would not regain the market share it held before the 2008 financial crisis.
The rebound in oil lost its momentum yesterday, with crude prices falling for the first time in four sessions after the IEA warned of more selloffs in the near term as stocks continue to rise.
By 1618 GMT, US crude was down $1.87 at $50.99, after a session low at $50.79. Benchmark Brent crude fell $1.03 to $57.31.
Partly as a result of lower non-Opec output, the IEA predicted global demand for Opec crude will rise in 2016 to 29.90 million bpd, after holding at 29.4 million bpd this year.
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