International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth.
Asked if oil prices had reached a bottom, Birol told Reuters: “It may well be the case, but it depends on economic growth.”
He expected global oil demand to grow by 1.2 million barrels per day this year while non-OPEC oil production would fall by more than 700,000 bpd.

Source: REUTERS, 1 May 2016