FXStreet (Mumbai) - The pairs based International Energy Agency (IEA), in its World Energy Outlook, says the oil market could re balance at USD 80/barrel in 2020. The IEA forecasts a slow recovery in demand by 2020 that will add an average of 900, 000 barrels a day per year, gradually rising to a demand for 103.5 million barrels per day by in 2040. IEA Executive Director Fatih Birol told CNBC the organization did not think a world in which the price of oil was stuck at USD 50 for "many many years" was a likely scenario. The agency noted that, “Major oil producers, such as OPEC (the Organization of Petroleum-Exporting Countries), have also refused to cut production levels (and have often exceeded their daily production ceiling) in order to maintain market share in the face of competition from US shale oil producers.” Meanwhile, in response to lower oil prices, many US producers have either cut back on production or closed rigs entirely, showing that the OPEC strategy could be working. For more information, read our latest forex news.