(VOVworld) – World oil prices are unlikely to rise from current levels before 2017, and even then their recovery will be slow as massive oil stocks feed into the market.

The IEA says global oil prices are not likely to show any sign of increase before 2017. (Photo: presstv.ir)

In its report on the world oil market over the next 5 years, the International Energy Agency (IEA) said today’s oil market conditions do not suggest that prices can recover sharply in the immediate future unless there is a major geopolitical event.

The IEA said that only in 2017 will oil prices start to rise gradually as the market begins to rebalance, but the current enormous accumulation of stocks will likely dampen the pace of oil price recovery.

According to the IEA, supply will eventually be curtailed as investment cuts occur. Meanwhile, demand for oil will continue to increase, but at a weaker pace, amid possible global financial market turmoil and unlikely-to-be-satisfactory growth prospects in many economies.