The International Energy Agency said the Organization of the Petroleum Exporting Countries would shift away from pumping flat out to fight for global share and limit output in case oil prices hit $80 a barrel by 2020.
Last year, oil prices slumped when OPEC and its de facto leader Saudi Arabia ditch its conventional role of bolstering the market through supply cuts and started stepping up production instead.
Prices have not recuperated since then. On Tuesday, oil settled at around $47 a barrel from $114 a barrel in June 2014.
Many producers will lose a considerable amount of revenue, prodding them “to look at their policies again,” said Fatih Birol, Executive Director of IEA.
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