On March 20, the director of the international energy agency (IEA), Mr Birol said Fatih Birol, if the price of crude oil reached $70 - $80 a barrel, so the shale oil production growth will exceed expectations.

Mr Birol said in an interview in Berlin in the day, the shale oil and gas production is expected to surge, but at the same time of supply growth, demand for oil will continue to rise in this year and in the next few years.

The IEA had at the beginning of this month's monthly report, even if oil prices remain near $60 a barrel, the shale oil production will also rise, 2017 shale oil supply is expected to increase to 500000 barrels. At the same time, if oil prices rose to $80 a barrel, by 2022, shale oil production growth of 3 million barrels a day.

At the same time, the IEA monthly report, according to the good of the 2017 global demand growth forecast for 1.4 million barrels a day, in accordance with the previous report. Oil demand will rise over the next five years, over 100 million barrels a day, 2019 mark, by the year 2022 to 104 million barrels, completely driven by emerging economies.

As investors worried that U.S. oil production picks up and high inventory problem will impact on oil prices, even if the organization of petroleum exporting countries (OPEC) recently constantly release signal may extend the period of production, oil prices below $50 a barrel last week, close to its lowest level since November. Lowest intraday Monday U.S. WTI crude futures hit $48.47 a barrel, brent crude oil futures price lowest intraday hit $51.02 a barrel.

Sources said on Monday that a growing number of the organization of petroleum exporting countries (OPEC) members tend to extend the production period, but the premise is that Russia and other non-opec must fulfill production commitments.

According to the last Friday (March 17) the results of review meetings held in Vienna, OPEC production cuts itself in February this year are enforced has reached 106%, consistent with the results of previously released monthly report. 11 but non-oil exporting countries (OPEC) producers only completed 64% of the promised cuts in February.

Saudi Arabia's energy minister mana Hector (Khalid al - Falih) said last week that "if the crude oil inventory is still higher than the five-year average, OPEC will cut deal expires in June to extend it." Because so far, the crude oil inventories are higher than the level, the OPEC countries when they met in Vienna on May 25, the target is likely to still can't reach.

For OPEC cuts, birol has pointed out that "if the extended OPEC production policy, the crude oil inventory by 2017 will fall to five years the average. If the current major producers of policy be prolonged, decline in crude stocks trend will continue in 2017."