Executive Director of the International Energy Agency [IEA] Executive Director Fatih Birol made the remarks to reporters on the oil market's upcoming 5-year forecasts at the CERAWeek by IHS Markit that kicked off on Monday in Houston in the U.S. state of Texas.

IEA said India follows China in terms of growth in the demand for oil, and together the oil demand of those two countries accounts for about half of the growth in global oil demand.

The production of shale oil will become one of the most important sources of global petroleum production growth along with the increase in production, according to the report, which indicates that the production of oil countries other than OPEC will rise considerably over the next 5 years.

International oil prices will not increase significantly in the next 5 years and the barrel head is expected to remain at around $ 60.

More than 3000 governments and government officials from all over the world are attending the conference with energy experts. (ILKHA)