Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Tuesday that low prices would prompt U.S. producers to cut output, creating upward price pressure.
"When we look at the next few quarters, we expect U.S. oil production to decline because of low oil prices and in Iraq, production growth will be much slower than in the past. And the demand is creeping up," Birol told on the Oil & Money conference.
"So therefore, to think that oil prices will be with us forever may not be the right way of thinking."
OPEC will 'cooperate with anybody…even US'
The secretary general of OPEC, Abadall El-Badri, also forecast that oil production from countries outside his group would fall next year.
"All I can tell you is that we see improvement," he told on Oil & Money conference.
"We see that non-OPEC supply is declining and in 2016, we see there is an increase in demand … so in a nutshell, there is a balance in the market in 2016. How much this will reflect on the price I really cannot tell," he later added.
El-Badri added that he was open to discussing production concerns with the U.S., or any other non-OPEC country.
"In general, OPEC, as far as I can say as secretary general, we have no problem with cooperating with anybody. Even with the United States producers. If they want to talk to us, we are willing talk to them, because now the situation is really affecting almost everybody. United States, OPEC, non-OPEC, everybody," he said.
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