Efficiency is going to become an increasingly important factor when it comes to oil production and consumption, according to Fatih Birol, executive director at the International Energy Agency.
"When you look at the markets, there are two important determinants: one is how much oil we produce, the other one is how much oil we consume," Birol told CNBC Monday at the World Energy Congress in Istanbul, Turkey.
"When you look at the consumption side, it is very important to see what kind of impact the fuel economy measures, energy efficiency measures, affect the demand and supply," he added.
In September, the IEA said that oil demand growth was slowing at a faster pace than first thought. "Global oil demand growth is slowing at a faster pace than initially predicted. For 2016, a gain of 1.3 million barrels a day (mb/d) is expected," the IEA said in its September report, equating to a downgrade of 100,000 barrels a day from its previous forecast.