He was speaking on the sidelines of the G-20 summit, which opened in the Turkish resort city of Antalya earlier on Sunday.
"Russia will continue to be a key player on the European energy market", Birol pointed out.
Here are the break-even oil prices for 13 of the world's biggest producers https://t.co/CVa0QtbjpV
— اجنبی دوست (@StrangerBuddy) 14 ноября 2015
The statement came amid EU efforts to implement the European Energy Union project, which specifically aims to reduce the EU's dependence on Russian energy.
MARKET WATCH: #Oilprices fall as @IEA projects world #oil demand growth to slow https://t.co/qj2Z1Rz6mA #marketwatch pic.twitter.com/SVHXggTbJX
— Oil & Gas Journal (@OGJOnline) 13 ноября 2015
According to him, the Middle East will be of paramount importance to the global oil market in the coming decades.
He said that if world crude prices remain very low, oil production in North America, Brazil, Africa and Russia could be reduced.
As a result, the share of oil exports from the Middle East will increase from 55 percent of all global oil exports to 75 percent.
