International Energy Agency: 'Light at the end of tunnel' for oil production

Oil prices might have bottomed out as production declines in the US and other non-Opec producers accelerate and an increase in Iranian supply has been less than dramatic, said the International Energy Agency.

After a spectacular 2015, growth in global demand was slowing with India and the Middle East being rare pockets of improvement, said the agency, which co-ordinates energy policies of industrialised nations.

Growth could slow even further if oil prices kept rising. Oil prices hit their lowest since 2003, below $30 (€26.89) a barrel, in January on a supply glut stemming from booming US output in recent years and a decision by Opec to ramp up supply to fight for market share against higher-cost producers.