The price of crude oil is bound to rise "higher and higher" in the long term, as supply tightens and demand grows, Nobuo Tanaka, executive director of the International Energy Agency, said Friday.
Tanaka said he hasn't yet seen a recovery in the fundamental demand for oil, and that demand may not rise as such even when the global economic recovery begins.
Speaking at an economic forum in St. Petersburg, Tanaka also expressed concern about the supply of oil. Low demand prevents investment into new oil fields, which may result in a supply crunch when demand does recover, he said.