Carl Icahn: Oil hasn't hit bottom yet

With the oil market weighed down by oversupply woes, activist investor Carl Icahn said that he expects crude prices to slide further in the short-term.

"I do think that the oil actually will probably go lower," Icahn said on CNBC's "Fast Money." I think, though, it will give great opportunities in the future."

Icahn added that he expects global consumption to go up in a few years and offer solid investments opportunities, "especially in the service areas."

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The activist's company, Icahn Enterprises, has significant stake in a number of energy companies. Including Transocean Limited, which declined approximately 60 percent last year.