According to the IEA Medium-Term Oil Market Report:

“Barring any unexpected supply disruption or major, energy-related change in policy, the market re-balancing will likely occur relatively swiftly but will be comparatively limited in scope, with prices stabilising at levels higher than recent lows but substantially below the highs of the last three years”.


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Historical Brent Crude Oil Prices 2005 - 2015

Source: IEA Medium-Term Oil Market Report (Extract), and IEA (Chart)