Mr Fatih Birol chief economist of International Energy Agency said that oil prices are expected to rebound to around USD 100 per barrel between 2010 and 2015. He added that he expects prices to move upward again in 2010 with a recovery of the world economy.

Oil is on track for a nearly 60% loss this year, the biggest annual fall since crude futures began trading 25 years ago. Oil prices rose above USD 40 a barrel, after violence between Israel and Hamas served as a reminder of the geopolitical risk over crude supplies in the Middle East.

Mr Birol said that energy investments have taken a hit around the world from the global economic crisis. He added that "The projects aimed to develop oil fields are being postponed. This poses a great risk."