The International Energy Agency says oil prices are likely to remain low over the next five years because of plentiful supply and falling demand in developed countries.

The Paris-based body, which advises developed countries on energy policy, says it expects oil prices to return to $80 per barrel in 2020, with further increases after that.

Oil prices have bottomed out, are down more than 50 percent since the middle of last year. On Monday, crude oil futures prices ended at $43.87 a barrel.

The IEA made the forecast in its annual energy outlook report on Tuesday.