Top oil executives are optimistic about the market in the medium to long term despite short-term bearishness. The IEA warns of a larger oil glut due to soaring supply and subdued demand. Non-OPEC supply is expected to drop when oil prices hit $60 per barrel. U.S. oil output could grow by 300,000-400,000 bpd.

ExxonMobil and TotalEnergies CEOs believe oversupply is short-term; demand from emerging economies will challenge meeting global energy demand in the future. Saudi Aramco CEO emphasizes the need for long-term investments in oil supply. Despite current challenges, executives see the need for more supply in the future.

Read more at Yahoo Finance: Oil Chiefs See $60 Oil as Breaking Point for Shale Growth