Current crude oil prices are too high because of tight supplies, but market fundamentals are now changing as demand is slowing in some countries, the head of the International Energy Agency said Friday.
"The major factor behind that (high crude prices) is fundamentals - (the) supply-demand situation," IEA Executive Director Nobuo Tanaka said at a press conference in Tokyo.
He added that other factors, including speculative money and geopolitical risks, had contributed to higher oil prices.